Multiple Chinese biotech firms with deposits at Silicon Valley Bank (SVB) mentioned that the failure of the California-based financial institution will have a restricted impact on their operations. US and Hong Kong dual-listed BeiGene mentioned it held $175 million uninsured money deposits at SVB, Tianjin-based Andon Health introduced it had 5% of its money locked up in SVB, and no less than ten different Chinese firms admitted in addition they held deposits within the collapsed financial institution. US monetary authorities stepped in on Mar. 12 to stop a banking liquidity disaster arising from SVB’s collapse, saying depositors would in a position to entry their cash beginning on Monday, in line with a joint assertion by the US Treasury, Federal Reserve, and FDIC. [TechNode reporting]
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