HONG KONG : Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors.
"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. CStone Pharmaceuticals said its accounts held at SVB in excess of the Federal Deposit Insurance Corporation -insured limits are less than $600,000, accounting less than 0.5 per cent of its cash.
Source: News Formal (newsformal.com)
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