Vice – Motherboard
By Chloe Xiang
August 9, 2022
TikTok’s Chinese owner, ByteDance Ltd., has acquired one of China’s largest private hospital chains—Amcare Healthcare—for roughly $1.5 billion, Bloomberg reported. This deal marks one of the biggest purchases made since Beijing’s anti-monopoly crackdown on tech companies started in late 2020.
ByteDance Ltd. now has full ownership of women’s and children’s hospitals in cities from Beijing to Shenzhen, Bloomberg reported, citing a source with knowledge of the matter. The outlet also found corporate registries that show two ByteDance subsidiaries now own 100 percent of Amcare. This is the company’s first foray into the healthcare industry, but not its first time branching into other sectors, having already made investments in everything from cleaning robots to coffee to hotpot chains.