TikTok Parent Cements Presence In Healthcare With Latest Acquisition: Report

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.
  • Photo by olivier-bergeron via unsplash

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