Beijing-based social media giant ByteDance has acquired one of China's largest private hospital chains for about $1.5 billion, according to an Aug. 9 report from Bloomberg.
ByteDance, which owns TikTok, will fully own Amcare Healthcare, which operates women's and children's hospitals across China. Furthermore, two ByteDance subsidiaries now fully own Amcare, according to corporate registry tracker Qichacha.
The company's healthcare app, Xiaohe, competes in online consultations, hospital appointments, and wellness services in a national healthcare sector worth an estimated $89 billion in value fueled by the pandemic.
The deal is one of the largest to emerge from the Chinese tech industry since regulators began curbing "disorderly capital expansion" in 2020.