Shanda Group sold half its CHS stock in past two months
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A major Community Health Systems shareholder has sold off half its stock over the past two months, cashing in on a price surge that followed an unexpected earning rebound and news that the company's CEO is stepping down.
Singapore-based Shanda Group, led by billionaire investor Tianqiao Chen, sold nearly $110 million worth of common stock in the investor-owned hospital chain across a series of transactions in November and December, bringing its stake down to 12.2% of the company's outstanding shares, according to the Securities and Exchange Commission. That's down from 24% in November, a stake Shanda had maintained since 2018.