(Yicai Global) March 29 -- Chinese optoelectronics manufacturer Suzhou Jinfu Technology Co. plans to acquire a 26.03 percent stake in South Korean Internet of Things technology firm Suntel Co., a major supplier to electronics giant LG Corp., for USD35 million.

BRV Lotus Fund 2012, a major shareholder of both firms agreed to an equity transfer, Jiangsu-province based Jinfu Tech said in a statement, adding it will become Suntel's largest shareholder.

Suntel is a technology firm specializing in the production of touchscreen display modules and is currently transitioning to new businesses such as electronic shelf labels and palm vein pattern recognition. These businesses are strongly associated with Jinfu's smart hardware business and there exists a lot of opportunities for cooperation, it said.

BRV is committed to listing Suntel on the Korea Exchange or other markets by 2022 at the latest. If it is not possible, BRV will buy back the 26.03 percent stake and pay corresponding compensation.

Established in 2004, Jinfu Tech is primarily engaged in the production of optoelectronic display film devices. The company is developing products related to IoT, cloud computing and other emerging fields.