(Yicai Global) March 13 — Chinese listed companies are hurrying to release statements to reassure investors the collapse of US lender Silicon Valley Bank has only a minor impact on their operation.

Meituan said on March 11 in response to investors’ concerns that the lifestyle platform has no deposits in SVB. Moreover, a spokesperson told the media the screenshot showing Meituan’s Chief Executive Wang Xing speaking in an ‘SVB Depositor Rights Protection Group’ was fake. The Beijing-based firm’s shares [HKG: 3690] were trading 2.3 percent up at HKD130.30 (USD16.61) as of 11 a.m. today.

SVB announced its bankruptcy on March 10, becoming the largest US bank to fail since the financial crisis in 2008. The Federal Deposit Insurance Corporation, a US government agency that insures bank deposits and oversees financial institutions, took control of the lender on the same day. SVB is the 16th largest bank in the US, with deposits exceeding USD170 billion as of the end of last year.

Everest Medicines said yesterday the amount of money it deposited in SVB is below 1 percent of its total cash, with about USD1 million uninsured. The Shanghai-based biopharmaceutical company [HKG: 1952] jumped 5.3 percent to HKD16.42 (USD2.09) as of 11 a.m. today, after plunging over 10 percent on March 10.

Wealth management services provider Noah Holdings said it had deposited less than USD1 million, or 0.2 percent of its total assets, in SVB. There are no material risks that the lender’s bankruptcy will affect the company’s business operation or financial position, it added. Shares of the Shanghai-based firm [HKG: 6686] were trading unchanged at HKD299 as of 11 a.m. today.

Broncus Holding announced that it held about USD11.8 million deposits in SVB, accounting for about 6.5 percent of its total cash, as of Mach 10. The healthcare equipment maker is actively working to maintain and withdraw the money. The stock [HKG: 2216] edged up 1.1 percent to HKD1.78 (23 US cents) as of 11 a.m. today.

Brii Biosciences’ SVB deposits are less than 9 percent of the total cash and bank balance of the company and its subsidiaries as of Feb. 28, the Beijing-based drugmaker announced. Brii Bio’s cash is sufficient to fund its working capital for the next three years, it added. The stock [HGK: 2137] fell 1.1 percent to HKD5.21 as of 11 a.m. today.

CStone Pharmaceuticals has less than USD600,000 deposited in SVB that are not covered by the FDIC, equal to up to 0.5 percent of the company’s total cash flow. Shares of the Shanghai-based biopharmaceutical firm [HKG: 2616] were trading down 1.1 percent at HKD3.66 as of 11 a.m. today.

CANbridge Pharmaceuticals said SVB’s collapse will not impact the company’s operation. The Beijing-based firm [HKG: 1228] was trading unchanged at HKD2.15 as of 11 a.m. today.

Moreover, Soho China’s Chairman Pan Shiyi said in a Weibo post yesterday that he never opened an account or made a deposit in SVB.

Editor: Futura Costaglione