ByteDance, operator of short video app TikTok and its Chinese version Douyin, has acquired China's largest private hospital chain specialising in obstetrics and gynaecology, in one of the unicorn's largest healthcare investments.
Beijing Amcare Medical Management Co, the corporate vehicle of Amcare clinics and hospitals, is now wholly-owned by two ByteDance affiliates, Xiaohe Health (Hong Kong) Ltd and Xiaohe Health Technology (Beijing) Co, according to changes made in company records in June, tracked by corporate information site Qichacha.
The takeover took place after Xiaohe Health Technology, the healthcare investment subsidiary of ByteDance, bought a 17% stake in Amcare in September 2021, which later increased to 30%, according to Qichacha.
The State Administration for Market Regulation, China's antitrust authority, gave its unconditional approval to the deal in mid-June, according to a notice on the regulator's website.
None of the parties involved has disclosed the value of the deal. A representative from Xiaohe confirmed the acquisition on Friday, without offering further details.
Amcare did not immediately respond to a request for comment.
