Chinese investor ups stake in Community Health Systems
Tianqiao Chen, a Chinese online gaming magnate, has increased his ownership interest in for-profit hospital operator Community Health Systems, according to a Securities and Exchange Commission filing. Chen now owns more than 22% of CHS, up from 13.7% previously, and has invested $257 million.
What it means: Chen became an activist investor this past March, and his latest large investment could signal changes at the struggling hospital company. CHS' stock price was down 7% by mid-afternoon trading Tuesday following our report on the collapse of CHS.