U.S.-Chinese Biotech Companies Used SVB For Funding Start-Ups

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The collapse of Silicon Valley Bank (SVB) has resulted in problems for Chinese funds and tech start-ups that used the bank as a funding bridge for companies operating between the U.S. and China.  Financial Times reports that Friday’s shutdown of SVB left Chinese executives with little time to get their money back and many say their funds are now tied up.  Industry insiders said SVB played a key role in China’s dollar-based ecosystem for funding start-ups, with the bank being an intermediary in holding the funds before bringing them to China.  SVB was named the primary bank for more than a dozen Hong Kong-based tech and life sciences companies.