ByteDance, TikTok's parent company, buys China hospital chain for $1.5 billion
ByteDance logo
ByteDance Ltd., the Chinese company that owns TikTok, has purchased Amcare Healthcare, one of the country's largest chains of private hospitals, for about $1.5 billion. One of the largest purchases has been made since Beijing's anti-monopoly drive on digital businesses began in late 2020 with this transaction.
According to a source with knowledge of the situation, ByteDance Ltd. now fully owns women's and children's hospitals in cities ranging from Beijing to Shenzhen, according to a story in Bloomberg. The publication also discovered corporate registries demonstrating that two ByteDance subsidiaries now hold Amcare outright.
Although this is the company's first venture into the healthcare sector, it has already invested in a variety of industries, including cleaning robots, coffee, and hotpot franchises.
It appears that ByteDance is attempting to disrupt the traditional healthcare sector with the acquisition of Amcare in order to compete with other significant tech firms.
This purchase continues a trend of digital giants like Apple and Amazon investing in the healthcare sector. Amazon said in late July that it had reached an agreement to buy One Medical, a primary care company with a tech focus, for $3.9 billion.
Amazon claimed in a statement that the healthcare industry was ready for change. Around the same time, Apple released a roughly 60-page report explaining its health-related features and collaborations with healthcare organisations, arguing that these services are crucial to the company's future.
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ByteDance first entered the healthcare industry in 2020 when it purchased the Baikemy.com medical information platform. Later that year, it launched its own healthcare app, Xiaohe Health. It now expands its portfolio to include Amcare's seven hospitals, two integrated clinics, and five postpartum centres located throughout China.
(With inputs from agencies)
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