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.
"The company’s cash and assets are well-diversified to minimize risk, and it engages sizable financial institutions for commercial banking services which are not currently exposed to liquidity risks," it said in the filing.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% of its cash.
Noah Holdings Private Wealth and Asset Management Limited has less than $1 million with SVB, less than 0.2% of its total cash.had completed the transfer procedure of the entire balance - less than $400,000, which was 0.2% of its total cash - out of SVB in the evening of March 9, the company said.said the amount of cash deposited with SVB is "immaterial and is generally within the amount guaranteed by the FDIC accordingly", without giving any figures.
Chinese companies are making efforts to pacify local clients as the collapse of the U.S. bank could have aAnd that included firms that have no ties with SVB.said in a filing on Sunday is had not had any business dealings with SVB, while tycoon Pan Shiyi, co-founder and former chairman of commercial property developer SOHO China, said on his Weibo account that he had never opened an account or deposited at the bank.
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