HONG KONG : China stock investors, already disillusioned by Beijing's lower-than-expected economic growth target for the year, will be further disheartened by the shock collapse of U.S. lender SVB Financial Group, market participants said.
"The SVB failure is a barometer of macro risks ... reflecting how asset prices are being impacted by central bank rate hikes," said Yuan Yuwei, hedge fund manager at Water Wisdom Asset Management, predicting tougher times for highly-leveraged firms with illiquid assets. But many Chinese tech start-ups, especially those with dollar funding, have opened U.S. accounts at SVB. At least one WeChat group with several hundred members has been formed by anxious Chinese clients of SVB seeking to safeguard their interest.
China kept its central bank governor and finance minister in their posts on Sunday, toward the end of the week-long session of the National People's Congress , where Xi Jinping began his third five-year term as Chinese president. Li Qiang, a longtime Xi confidant, was promoted to premier to steer the economy, which grew just 3 per cent last year.
Source: News Formal (newsformal.com)
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