ByteDance Acquires Medical Encyclopedia Site, Stepping Into Online Healthcare Services

May 22, 2020 5:01 am

Beijing (PingWest)—ByteDance, the parent company of TikTok, finished the acquisition of online medical encyclopedia and healthcare service platform on May 15, according to Qichacha, a business information database.

Yan Shou, head of the ByteDance’s strategic investment and gaming businesses, has taken over management of from its founder and chairman Zhu Xiaobin, and CEO Zhu Mengqiu. Yan is also the company’s new legal representative.

Established in 2010, is one of the earliest and most authoritative online medical encyclopedias in China. It is also the only designated website for the China National Health Commission Medical Information Program. Before the deal, the website raised some $10 million in a B series funding round in October. 

In recent years, Chinese tech giants, such as Alibaba, Tencent, and Baidu, have been actively laying the foundation for future online healthcare business. The outbreak of COVID-19 in China has made people adopt online healthcare services more frequently, which has promoted the development of the industry.

Baidu Health boasts over 100,000 doctors from across China who offer online consultations 24 hours a day. The platform was made free to those with pneumonia symptoms during the pandemic and had handled over 54.5 million inquiries by April 26, including 400,000 from outside China.

Tencent-supported WeDoctor launched “Anti-COVID 19” platform on March 14, providing medical and health services to 60 million users. The online healthcare platform is said to be promoting listing in Hong Kong, bringing its valuation to $ 10 billion.