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GoFintech Quantum Terminates Planned Luffa AI Investment

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GoFintech Quantum Innovation (HKG:0290) terminated an agreement to acquire and subscribe for shares in Luffa AI, according to a Friday filing with the Hong Kong bourse.

The company had planned to invest $39.8 million to acquire a 19.9% stake in Luffa AI, a Hong Kong-based developer of AI- and Web3-based communication and social networking products.

GoFintech said the investment agreement was terminated after the conditions precedent remained unfulfilled and the initial subscription was not completed within 30 business days of signing.

The termination is not expected to have a material adverse impact on the group's operations or financial position, the filing said.

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