A Chinese regulatory inquiry prompted OPay to withdraw its planned $304 million initial public offering (IPO) in the United States, days after the fintech priced its shares.

According to a Bloomberg report, sources familiar with the matter said OPay has no operations or revenue in China, with its only connection to the country being founder Zhou Yahui, a Chinese businessman.

Opay had listed on the New York Stock Exchange (NYSE) on October 30, with plans to commence trading after rasing $304 million through its IPO.

The Softbank-backed fintech sold 16 million American depository shares (ADS) at $19 each, the lower end of its target range of $19 – $21, giving it an implied valuation of approximately $4 billion.

However, on October 31, OPay announced its withdrawal from the exchange, citing a regulatory inquiry by a foreign jurisdiction without identifying the country involved.

The fintech had said the jurisdiction involved was “immaterial” to its core operations and that the inquiry should not be seen as a reflection of its business performance, financial condition, operational integrity or regulatory standing.

OPay said the development would not affect its operations, regulatory standing or customer service in Nigeria and its other markets.