Mr. Chen and his Shanda Group company affiliates sold 3.4 million shares of CHS on Dec. 14 for between $8.50 and $8.71 per share, bringing in a total of $28.5 million. The move comes after he sold 5 million shares of CHS from Nov. 10-12 and another 4.6 million shares Nov. 23. Those sales brought in a total of $81.2 million.
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.
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