TikTok Parent Cements Presence In Healthcare With Latest Acquisition: Report

TikTok parent ByteDance Ltd has scooped up one of China’s largest private hospital chains Amcare Healthcare for ~$1.5 billion, deepening a foray into health care, Bloomberg reports.
Amcare Healthcare runs women’s and children’s hospitals in cities from Beijing to Shenzhen.
Two ByteDance subsidiaries now own a combined 100% stake in Amcare.
ByteDance’s healthcare app Xiaohe competes with Alibaba Group Holding Limited’s BABA Alibaba Health Information Technology Ltd, and Ping An Healthcare and Technology Co in online consultations, hospital appointments, and wellness services, a growing $89 billion sector boosted by nationwide measures to curb the pandemic.
ByteDance, better known for giving Meta Platforms Inc META a run for its money, joins tech giants from Apple Inc AAPL to Amazon.com Inc AMZN, exploring ways to digitize and disrupt the traditional health care industry.
Recently, Apple released a report offering a comprehensive view of its approach to healthcare.
The report outlined a strategy courting consumers with health and fitness features while engaging with traditional healthcare systems.
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