The collapse of the Californian bank has exposed the financial ties between U.S. finance and Chinese start-ups.
Silicon Valley Bank offices in Arizona, March 12, 2023. Credit: Megan Mendoza/The Republic via USA TODAY
When tech-sector focused Silicon Valley Bank collapsed last week, among those left in the lurch were several prominent Chinese startups that had come to rely on the bank as a connector between the U.S. and their domestic financial system.
Since SVB’s sudden downfall, a flurry of Chinese businesses mostly focused on biotech — including Jacobio Pharmaceuticals, BeiGene and Andon Health — have disclosed that they had deposits in the bank. Brii Biosciences, a Beijing-based developer of ther
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