Several Chinese biotechnology companies call Silicon Valley bank failure will not affe

Several Chinese biotechnology companies say that the closure of Silicon Valley Bank will not have a significant impact on their operations.

According to the Dow Jones News Agency, several listed companies such as Baiji Shenzhou and Zai Ding Pharmaceutical said on Monday (March 13) in the United States and Hong Kong.In a small part, they have the ability to meet their capital expenditure needs and obligations.

Baiji Shenzhou said: "The company's expected recent development development will not have a significant impact on the company's operations." As of the end of 2022, Baiji Shenzhou's unpaid cash deposits held by the Bank of California in the California BankIt accounts for about 3.9%of its cash, cash equivalent, limited funds and short -term investment.

The United States Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank last Friday (March 10). The previous deposit extruded damaged Silicon Valley Bank's efforts to raise new capital and support finance.The regulatory agency is trying to auction the bank to work hard to return the deposit deposit.

The United States regulatory agencies such as the Federal Reserve said on Sunday (March 12) that additional funds will be provided to various banks to ensure that they have "capable of meeting the needs of all stores."

Ding Ding Pharmaceutical said that the amount of amount held in Silicon Valley banks is very low. Most of its cash and cash equivalents are distributed in many large international financial institutions, including JP Morgan Chase and Citi Group.

Another biotechnology company Teng Shengbo said that the company's cash and bank balance are still enough to meet the business and contract obligations of the next three years, and it is expected that the Silicon Valley Bank incident will not be in the company's business operations.Major adverse effects.

Genting Xinyao said: "The board is expected to recover most of the cash deposits of Silicon Valley Bank through the insurance company's insurance company's insurance company in combination with other compensation measures." The company also said: "The incident believes that the incident is notIt will have any major adverse effects on the company. "

In addition, the software company Fubo Group stated that it has completed the electricity exchange instructions that transfer cash to Silicon Valley Bank on Thursday (March 9).

Fubo Group said: "The Group also issues a formal notice to its customers, asking for a suspension of paid to the bank account at Silicon Valley Bank immediately."