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.
Firms scrambled through Sunday to Monday to release statements on the extent of their exposure or to distance themselves from the bank.said it has uninsured cash deposits held at the bank representing 3.9% of its last reported total cash and cash equivalents. It also said it did not expect the developments to impact its operations.said it has deposit accounts with the bank with a balance of $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.revealed it had the highest percentage of cash and bank balances at SVB, at less than 9%. It did not provide a monetary figure for the deposits. "Notwithstanding the closure of SVB, the existing cash and bank balances of the company continue to be sufficient to meet its working capital, capital expenditures and material cash requirements from known contractual obligations for the next three years," Brii Biosciences said.said it held $11.8 million at SVB, representing around 6.5% of its total cash.
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