Some CN Startups Reportedly Shaken by SVB Incident Fallout

After Silicon Valley Bank (SVB) has been taken over by US regulators, there are concerns in the market that there may be a domino effect on more banks.

According to a report by China Business Network, the incident has affected some Chinese startups, with some not being able to withdraw their deposits from their accounts at the bank.

The status of the bank's website currently shows that it is under maintenance. Some of the Chinese startups' US dollar assets are held at Silicon Valley Bank, which is used for payroll of US office staff.