Double Coin investing US$1.87 billion in seven firms

Chinese tyre manufacturer Double Coin has announced plans to invest a total of 11.6 billion yuan (£1.251 billion; 1.710 billion euros; $1.87 billion) in seven companies. It is not clear which firms the company is planning to invest in, but initial indications suggest it is considering a suite of internal and domestic investments. According to a Reuters report, the Shanghai-based firm plans to raise up to 3.7 billion yuan towards funding the investments in a private placement. Trading of the firm’s shares is scheduled to resume on 24 March.