Chinese start-ups scramble for alternatives to SVB

Published by

By Samuel Shen, Kane Wu and Roxanne Liu SHANGHAI/HONG KONG (Reuters) -Stunned by the sudden collapse of Silicon Valley Bank, the main go-to foreign bank for the majority of Chinese start-ups, entrepreneurs and venture funds are scrambling for alternatives despite U.S. regulators averting a banking crisis by guaranteeing all deposits of the troubled bank. Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Some of them are turning to bigger U.S. banks, while a few Chinese lenders such as China Merchants Bank and the Industrial & Commerci…

Read More

Leave a Reply