ByteDance Ltd., the Chinese company that owns TikTok, has bought Amcare Healthcare, one of the country's largest private hospital chains, for around $1.5 billion. One of the biggest purchases has been made since Beijing's anti-monopoly movement for digital companies began this transaction in late 2020.
According to sources familiar with the situation, ByteDance Ltd. now fully owns women's and children's hospitals in cities from Beijing to Shenzhen, according to a story in Bloomberg. The release also found a list of companies showing that two ByteDance subsidiaries now hold Amcare directly.
Although this is the company's first healthcare company, it has invested in a variety of industries, including cleaning robots, coffee, and hotpot franchises.
It seems that ByteDance is trying to disrupt the traditional healthcare sector by acquiring Amcare to compete with other major tech companies.
The purchase continues the trend of digital giants such as Apple and Amazon investing in the healthcare sector. Amazon said in late July that it had reached an agreement to buy One Medical, a technology-focused primary care company, for $3.9 billion.
Amazon claimed in a statement that the healthcare industry is ready for change. Around the same time, Apple released a report of about 60 pages detailing health-related features and collaboration with healthcare organizations, arguing that these services are critical to the company's future.
ByteDance first entered the healthcare industry in 2020 when it purchased a medical information platform Baikemy.com. Later that year, he launched his own health app, Xiaohe Health. The company is now expanding its portfolio to include seven Amcare hospitals, two integrated clinics and five postpartum centers across China.
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