ByteDance buys Chinese medical knowledge platform Baike Mingyi for $72m

Beijing-based ByteDance, the privately-owned operator of short video app TikTok, has completed the acquisition of the Chinese online medical encyclopaedia Baike Mingyi for 500 million yuan ($72 million).

Bluerun Ventures, which invested in Baike Mingyi’s Series A and B round, announced the deal in a statement on Tuesday. Bluerun Ventures is a Silicon Valley-born venture capital firm that manages over 10 billion yuan ($1.44 billion) in China.

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