Chinese investor Tianqiao Chen and his group of companies have a 4.97 percent stake in Franklin, Tenn.-based Community Health Systems after recently selling more than 2.8 million shares of the company, according to filings with the Securities and Exchange Commision.
Mr. Chen and his Shanda Group company affiliates sold more than 4.5 million shares of CHS from March 4-10 for between $8.70 and $9.83, bringing in a total of $41.95 million. The move comes after he sold more than 16 million shares of CHS between Nov. 10 and Jan. 15.
Mr. Chen, a pioneer in China's online gaming industry, began buying up shares of CHS in 2016. The last public comment the investor made about CHS was in 2018, when Shanda Group said it had a "good relationship" with CHS and supported the company's strategy and management team.
CHS, which operates 85 hospitals in 16 states, ended the fourth quarter of last year with net income of $311 million on revenue of $3.1 billion, compared to a net loss of $373 million on revenues of $3.3 billion in the same period a year earlier.