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Northwest Medical Center in Arkansas, owned by Community Health Systems. (Wikimedia Commons)

Tianqiao Chen, a billionaire from China who made his fortune in online gambling, is no longer just a passive investor in Community Health Systems, the for-profit hospital chain that has been selling off hospitals to pay down its massive debt.

Chen disclosed Monday with the Securities and Exchange Commission that his 13.7% ownership stake in Community Health Systems (which cost $186 million) was originally a passive investment. But now he wants to "maintain flexibility going forward." He said he has a "good relationship" with the company's executives and will work with them on the "ongoing turnaround strategy," according to the SEC filing.

What this means: Rumors surfaced last year that Community Health Systems could try to sell itself outright. But inpatient facilities and mounds of debt aren't exactly attractive to health care investors, and many have already bailed on Community Health Systems. Chen could have a more aggressive plan in mind for the company, which has been divesting hospitals at a rapid pace. Community Health Systems and Chen's investment company did not respond to requests for comment.

Go deeper

The new cold war panic

Illustration: Aïda Amer/Axios

The world has seen a power struggle between nuclear powers before, and has seen those countries inch closer to military conflict. But it's never before seen a cold war between two countries as interconnected — with each other and with the rest of the globe — as the U.S. and China.

Why it matters: Escalating antagonism between the world's two superpowers is likely to hinder global cooperation to fight climate change, divert resources to costly arms and tech races, complicate diplomacy for U.S. allies, and victimize Chinese and American citizens living in each other's countries.

Parkland shooting victims' families settle suit with school district

A makeshift memorial outside Marjory Stoneman Douglas High School in Parkland, Florida, on Feb. 14, 2020. Photo: Matias J. Ocner/Miami Herald/Tribune News Service via Getty Images

Families and survivors of a 2018 mass shooting at a high school in Parkland, Fla., reached a $25 million settlement in their lawsuit against the Broward County school district Monday, per the South Florida SunSentinel.

Why it matters: The deal was reached in the suit over the massacre at Marjory Stoneman Douglas High after the school district won a Florida Supreme Court ruling that could have capped damages at $300,000 in total without approval from the state legislature, AP notes.

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.