Over a dozen Chinese-based firms say they have minimal exposure to SVB

HONG KONG :Over a dozen Hong Kong-listed companies have stepped forward to say they had little or no exposure to Silicon Valley Bank, the failed U.S. lender which has roiled investors and markets globally.

Startup-focussed SVB Financial Group, which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis. U.S. officials have stepped in to stem financial fallout, saying that all customers will have access to their deposits starting on Monday.

Chinese companies are making efforts to reassure clients and investors as the collapse of the U.S. bank could have a negative psychological impact on China’s markets, since many tech start-ups, especially those with dollar funding, have opened U.S. accounts at SVB.

On Saturday, SVB’s Chinese joint venture with Shanghai Pudong Development Bank said it has a sound corporate structure and an independently operated balance sheet.

Firms scrambled through Sunday to Monday to release statements on the extent of their exposure or to distance themselves from the bank.

China-based drug developer Beigene Ltd said it has uninsured cash deposits held at the bank representing 3.9per cent of its last reported total cash and cash equivalents. It also said it did not expect the developments to impact its operations.

Mobile advertising platform Mobvista Inc said it has deposit accounts with the bank with a balance of US$430,000 and that the accounts represent a minimal portion of cash and cash equivalents.

Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms also over the weekend disclosed cash deposits at Silicon Valley Bank.

Brii Biosciences Limited revealed it had the highest percentage of cash and bank balances at SVB, at less than 9per cent. It did not provide a monetary figure for the deposits.

“Notwithstanding the closure of SVB, the existing cash and bank

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