HKMA monitoring Silicon Valley Bank fallout as Hong Kong-listed firms’ exposure reaches US$217 million

So far 13 Hong Kong-listed firms have issued statements regarding deposits held at SVB, with BeiGene’s exposure the largest at US$175.5 million

A Post reporter who visited the US bank’s Hong Kong office found it to be empty on Monday morning, as the staff has been asked to work from home

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The headquarters of the Silicon Valley Bank (SVB) in Santa Clara, California, on March 10, 2023. Photo: Xinhua.

Enoch Yiuin Hong Kong,Yulu Aoin Hong KongandElise Makin Beijing

Published: 12:51pm, 13 Mar 2023Updated: 5:41pm, 13 Mar 2023

The fallout from the implosion of Silicon Valley Bank (SVB) has reached Hong Kong’s shores, prompting the local monetary authority to assure depositors that the city’s banking system is sufficiently protected from the second major collapse of a US bank since 2008.

At least 13 Hong Kong-listed technology and biotech firms have deposits totalling US$217.23 million at SVB, with amounts ranging from US$400,000 to US$175.5 million.

Meanwhile, SVB’s Hong Kong office in Jardine House was empty on Monday morning.

The Hong Kong Monetary Authority (HKMA) said on Monday that SVB is not authorised to carry out banking operations or take deposits in Hong Kong.

A view of Silicon Valley Bank’s representative office at Jardine House in Hong Kong’s Central district on March 13, 2023. Photo: Yulu Ao

“We have noticed the actions of overseas regulators against banks and will continue to pay attention to the development of the incident,” an HKMA spokeswoman said.

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