SVB fallout will have no major impact on operations, say Chinese biotech firms · TechNode

Multiple Chinese biotech companies with deposits at Silicon Valley Bank (SVB) said that the failure of the California-based bank will have a limited impact on their operations. US and Hong Kong dual-listed BeiGene said it held $175 million uninsured cash deposits at SVB, Tianjin-based Andon Health announced it had 5% of its cash locked up in SVB, and at least ten other Chinese companies admitted they also held deposits in the collapsed bank. US financial authorities stepped in on Mar. 12 to prevent a banking liquidity crisis arising from SVB’s collapse, saying depositors would able to access their money starting on Monday, according to a joint statement by the US Treasury, Federal Reserve, and FDIC. [TechNode reporting]


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