CHS sees stock jump after Chinese billionaire buys more shares

Shares of Franklin, Tenn.-based Community Health Systems rose Thursday after it was announced the company's largest shareholder had increased his position in the company.

According to a Securities and Exchange Commission form filed Thursday morning, Chinese investor Tianqiao Chen and his group of companies bought nearly 27.5 million shares of CHS in the past month and now have a 24 percent stake in CHS.

Shares of CHS were trading about 20 percent higher Thursday morning. The stock ended the day up 23.6 percent at $4.97 per share.

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