South Korea's leading mobile company, SK Telecom has bought a 30% stake in a Chinese online game company for mutual benefit and advancement.

According to SK Telecom, the company signed a deal with Shanghai Magicgrids Networks. It bought shares to the tune of $7.8 million. SK said it will participate in game development, publishing and other management decisions of the Chinese company.

The Chinese gaming market was valued around $1.14 billion last year. The market has showed an average expansion of 82% in recent years.

SK Telecom said it plans to strengthen its competitiveness in China through Magicgrids to establish itself as a pan-Asian gaming company.

Early this year,BT became the first company to use the Xbox 360 as a set-top box (STB). X