A Hong Kong-listed biotech firm has been hit by the Silicon Valley Bank collapse and the local regulator is keeping a close watch on ongoing developments.
Beijing-headquartered BeiGene has $175.5 million of uninsured deposits at Silicon Valley Bank (SVB), according to an exchange filing on Monday by the biotech firm which has dual listings in Hong Kong and the US.
On the same day, the Hong Kong Monetary Authority (HKMA) said it was closely monitoring the situation.
«We have noticed the actions of overseas regulators against banks and will continue to pay attention to the development of the incident,» said an HKMA spokesperson, adding that SVB was not authorized to carry out banking operations or take deposits in the city.
Empty Office
Following a visit to SVB’s Hong Kong office in Central, it was found to be empty with only the lights switched on, according to an «SCMP» report. As requested by the head office, local staff were told to work from home Monday onwards, according to a separate phone inquiry.
Overall, at least a dozen Hong Kong-listed tech and biotech firms have deposits at SVB totalling more than $190 million.
