A pair of ByteDance subsidiaries have reportedly achieved a 100% shareholding ratio in Amcare, a high-end Chinese women’s and children’s hospital, as part of a move to explore the offline medical services sector.
According to China’s National Enterprise Credit Information Publicity System, as of June 24, Xiaohe Health (Hong Kong) Limited, a newly-added shareholder of Amcare, held 69.5% of shares, while the existing shareholer – Xiaohe Health Technology (Beijing) Limited – held the other 30.5% of shares. These two companies are affiliated with Beijing-based tech giant ByteDance, which is also the owner of TikTok.
According to documents disclosed by China’s State Administration for Market Regulation, Xiaohe Health (Hong Kong) Limited signed an equity transfer agreement with Bronzite Gem Limited and CPP Investment Board Private Holdings (4) Inc, to acquire 41.49% equity of Amcare. Prior to the transaction, Amcare was not controlled by any shareholders. After the transaction is completed, Xiaohe Health (Hong Kong) and its affiliated entities will hold a total of 59.07% equity of Amcare, obtaining control. The deal has been unconditionally approved by regulators.
Established in 2006, Amcare is a professional women’s and children’s hospital for middle and high-end customers all over the country, providing one-stop services ranging from obstetrics, gynecology, pediatrics, assisted reproduction, postpartum rehabilitation, to postpartum recuperation and medical beauty. It has seven women’s and children’s hospitals, two comprehensive outpatient centers and five confinement centers, covering the Beijing-Tianjin-Hebei region, Yangtze River Delta and Pearl River Delta.
In April 2020, Amcare completed the acquisition of Beijing Baodao Maternity Hospital, which has an IVF business license in Beijing.
In the same year, ByteDance officially began to explore the health field. At the end of 2020, ByteDance set up a department specially responsible for the health sector. The unified brand of this department is “Xiaohe Health.” In September 2021, Xiaohe Health, a wholly-owned subsidiary of ByteDance, invested in Amcare to achieve a shareholding ratio of 17.58%.
In the medical and health track, ByteDance has also invested in “Good Mood,” a medical service platform in the nervus centralis and psychology field, and Hongda Airui, a multidisciplinary consultation platform for cancer.