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GoFintech Innovation to Acquire Nearly 20% of Social Platform Operator

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GoFintech Innovation (HKG:0290) agreed to invest around $40 million in a Hong Kong-based decentralized social and messaging platform operator, according to a filing with the city's bourse Tuesday.

The firm will purchase around 11.9 million Luffa AI shares from three existing investors for $19.8 million, and subscribe to a further 10 million shares of the business under a separate transaction.

The shares collectively represent 19.9% of Luffa AI's enlarged share capital.

GoFintech Innovation had announced its intention to invest in Luffa AI in April.

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