Chinese tech start-ups caught by SVB failure

Counting on the US government to make them whole.

March 20, 2023

Jon Peddie

South Morning China Post published an article about Silicon Valley Bank’s (SVB’s) failure and the impact on Chinese ventures. Part of the report is as follows: SVB, which was previously ranked as the 16th largest bank in the United States, has been used by Chinese tech start-ups for years as their default bank for offshore accounts to handle funding received from US private equity and venture capital investors. Even after going public, these Chinese enterprises continued to maintain their offshore accounts at the Santa Clara, California-based bank. As of Tuesday, Chinese entrepreneurs were in the process of withdrawing assets from SVB

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Chinese tech start-ups caught by SVB failure

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