Chinese holding company ByteDance, which owns TikTok, paid about 10 billion yuan (about $1.5 billion) for Amcare, one of the country’s largest private clinic chains.

TikTok owners acquire chain of clinics to expand medical opportunities

Previously, ByteDance had just a 30% stake in Amcare Healthcare, which operates 14 medical facilities from Beijing to Shenzhen, writes Bloomberg.

Now, two subsidiaries of the owners of TikTok own a 100% stake in the network specializing in children’s and women’s health.

At the same time, holding company ByteDance’s Xiaohe app competes in the market with similar online queries from Alibaba and Ping An.

Apps help to get an expert opinion from a doctor, even without visiting hospitals and health centers.

It was Xiaohe who confirmed the acquisition of the Amcare chain by ByteDance, although without specifying the size of the operation.

What is known is that the deal is one of the biggest in China’s tech industry since regulators began curbing “erratic capital expansion” in late 2020, preventing big acquisitions from Alibaba and Tencent from entering and dominate new markets.

Prior to ByteDance’s acquisition, Amcare’s investors included Hillhouse Capital, China Renaissance and others.

In addition to TikTok, and now Amcare, ByteDance’s portfolio, which is losing capitalization and looking to grow in new areas, also includes educational platforms, a cleaning robot startup, coffee and coffee shop chains and other businesses.

Author:

Ekaterina Alipova

Source: RB

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I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.

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