Some Asian technology firms have disclosed cash deposits at troubled US lender Silicon Valley Bank, known for its deep ties with the sector, with most emphasizing the amounts were immaterial to their operations, reports Bloomberg.

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At least a dozen Hong Kong firms, mainly involved in biotechnology, listed SVB as their banker in exchange filings, according to activist investor and founder of Webb-site.com David Webb. That puts hundreds of millions dollars at risk for these small-cap firms, of which many are in their early stages of operation and unprofitable.

Elsewhere, Japan’s SoftBank Group Corp. is seen as potentially one of the most exposed firms to the ongoing crisis given its huge investments in technology. The conglomerate has an undisclosed stake in OakNorth Bank Plc, which is in talks to buy the UK arm of SVB. Chinese state-owned lender Shanghai Pudong Development Bank Co. could also be affected as it has a venture with SVB.

In an effort to strengthen confidence in the banking system after SVB’s fallout spurred concerns about contagion risks, US authorities said Sunday that all depositors will be made whole.

Shares of SVB-exposed companies traded mixed across Asia on Monday, while bank shares slid to the lowest level in more than two months.

“Most think that SVB is an idiosyncratic risk that is being bailed out by the US authorities,” said Hao Hong, chief economist at at Grow Investment Group. “For now, the market is choosing to overlook these technical details.”

Bloomberg reports the below Asian companies, that have disclosed their exposure to SVB, or are tied to the failed US lender:

China

Shanghai Pudong Development Bank Co.: The state-owned Chinese lender owns a banking venture with SVB. SPD Silicon Valley Bank said in a statement it has always operated in a stable manner in accordance with Chinese laws and regulations, and has an independent balance sheet.

Andon Health Co.: The firm and its units had deposited about 5% of their cash and financial assets at SVB as of March 10, according to a statement to the Shenzhen stock exchange.

Hong Kong

Brii Biosciences Ltd.: In a stock exchange filing, Brii Biosciences said less than 9% of its total cash and bank balances was held at SVB as of Feb. 28. It’s working closely with SVB and the FDIC to monitor updates of the incident and minimize any potential impact.

Broncus Holding Corp.: The company said about $11.8 million, or about 6.5% of its cash and cash equivalents, was deposited at SVB as of March 10. “The company is actively working towards preserving and recovering its deposits at SVB,” it said in a filing.

BeiGene Ltd.: The biopharmaceutical firm said its uninsured cash deposits held at SVB represented 3.9% of its total cash and cash equivalents as of December 31. “The company does not expect the recent developments with SVB to significantly impact its operations.”

Zai Lab Ltd.: The developer of cancer treatments said it had an “immaterial” 2.3% exposure to SVB out of its $1,008.5 million total cash and cash equivalents as of December 31, 2022.

Japan

SoftBank Group Corp.: Startups in which SoftBank Vision Fund has invested have deposits with SVB as well as loans from it, and there were concerns that they risked being hard pressed for cash flow due to the SVB bankruptcy.

Sumitomo Mitsui Trust Holdings Inc.: The Japanese asset manager had 0.29% stake in SBV Financial Group as of the end of last year’s fourth quarter.

South Korea

National Pension Service: The Korean public pension fund had 0.17% stake in SBV Financial Group as of the end of last year’s fourth quarter

Australia

Xero Ltd.: The accounting-software provider said its total exposure to SVB was about $5 million as of March 10, reflecting its local transactional banking relationships with SVB in the US and UK.

SiteMinder Ltd.: The software maker said it had cash holdings of as much as A$10 million ($.6.66 million) exposure to SVB and SVB UK, including anticipated payments from customers and partners.

India

Nazara Technologies Ltd.: The game developer said two units indirectly related to the company held about $7.8 million in cash balances at SVB.

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