ByteDance, the Chinese company that owns the controversial video blogging platform TikTok, quietly took control of China’s largest chain of private obstetrics and gynecology hospitals in June.
The South China Morning Post (SCMP) on Friday reviewed documents that showed ByteDance acquiring full ownership of Beijing Amcare Medical Management Company.
This completed an acquisition process that began in September 2021 when ByteDance’s healthcare investment subsidiary Xiaohe Health Technology bought 17 percent of Amcare. Xiaohe later bought another 13 percent. Amcare recently withdrew from the public stock exchange in Shenzhen, paving the way for the final stage of the corporate acquisition.
The takeover deal was approved without reservations or conditions by China’s State Administration for Market Regulation in mid-June, according to the SCMP report. Several