Also: Investor says HCA shares can climb further
A company run by Chinese investor Tianqiao Chen last week sold another big chunk of its shares of Community Health Systems, continuing the trimming it started last fall.
Shanda Asset Management Holdings on Thursday and Friday unloaded more than 1.7 million for a total of $15.1 million. The transactions cut Shanda’s stake in Franklin-based CHS to 7.1 percent, down from 24 percent last fall before the firm started selling.
Chen’s Shanda group built most of its stake in CHS in 2016, when the local company’s shares were changing hands well above $10. CHS (Ticker:
CYH) closed Monday at $9.23, up more than 6 percent on the day.
Neuroscience has a new home. On Friday, January 29, Caltech hosted a virtual dedication for The Tianqiao and Chrissy Chen Neuroscience Research Building.
Shanda Group sold half its CHS stock in past two months
Modern Healthcare Illustration / Getty Images
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.