Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “We never opened an account with Silicon Valley Bank, nor placed a deposit,” he said late Sunday on his Weibo account. Pan Shiyi, co-founder and former chairman of Soho China, a major Beijing-based property developer, denied he had any money at SVB after reports went viral on social media that he had lost billions of yuan. It issued a statement “to avoid any potential public misunderstanding.”Īscletis Pharma, MicroPort NeuroTech, Antengene Corp, and Suzhou Basecare Medical Corporation also denied they had any deposits or business dealings with SVB. Popular selfie app Meitu said it hadn’t held any bank accounts at SVB since 2020. Mobile ad tech firm Mobvista and wealth management firm Noah Holdings said their cash holdings at SVB were “minimal” or “immaterial.” Other companies that publicly assured investors included Andon Health, Sirnaomics, Everest Medicines, Broncus Medical, Jacobio Pharmaceuticals, Brii Biosciences, CStone Pharmaceuticals, Genor Biopharma and CANbridge Pharmaceuticals. The closure of SVB “will not have an impact” on the company’s ability to meet its operating expenses and capital expenditure requirements, including payroll, it said. Zai Lab, a pharmaceutical firm, announced that its cash deposits at SVB were “immaterial” at about $23 million. Takeaways from America's second-largest bank failure Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.75 billion in shares to cover declining customer deposits. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters on Main Santa Clara, California. That action appears to have appeased global markets, with US futures rallying in response and some Asian markets paring earlier losses. In an extraordinary move to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of SVB and Signature Bank, which was closed by regulators, will have access to all their money. SVB Financial Group, the parent company of SVB, also has two business consulting firms and one financial services firm in mainland China, according to corporate database Tianyancha.Ĭoncerns about the failure of SVB have spread around the world, as investors fretted about the broader risks to the global banking sector and any potential spillover effect. It’s unclear what will happen to SVB’s ownership of the joint venture. “As China’s first technology bank, SPD Silicon Valley Bank is committed to serving Chinese science and technology companies, and has always had sound operations in accordance with Chinese laws and regulations.” “The bank has a standardized corporate governance structure and an independent balance sheet,” it said in a statement. US banks sitting on unrealized losses of $620 billion The main entrance of Silicon Valley Bank is seen in Menlo Park, California U.S.
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