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Six Hong Kong-listed firms say their deposits at SVB are immaterial

Many tech start-ups opened U.S. accounts at SVB

 A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. Mar.10.   © Reuters

HONG KONG (Reuters) -- Six Hong Kong-listed companies, mostly Chinese pharmaceutical firms, disclosed cash deposits at Silicon Valley Bank on Sunday, adding that their exposure to the failed U.S. lender and its impact on operations were immaterial, in an effort to calm investors.

Startup-focussed SVB Financial Group, which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

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