(Yicai Global) Oct. 9 -- Chinese electronic component firm LY iTech will team up with South Korea's chemical company SKC to jointly create electronic products such as wireless power transfer panels and shielding boards.

Lingzhi signed a memorandum of understanding with SKC to set up a joint venture and a production base in eastern China's Jiangsu province, the Guangdong-based firm said in a statement yesterday. 

The plant will start by developing new materials such as nanocrystallines, ferrites and absorbing elements. These raw materials can generally be used for creating charging panels for electronic devices or new energy vehicles. 

The Chinese company will own 65 percent of the JV and the Suwon-based firm will have the rest. Details of the contract will be negotiated later.

Editor: Emmi Laine