Stunned by the sudden collapse of Silicon Valley Bank, the main go-to foreign bank for the majority of Chinese startups, entrepreneurs and venture funds are scrambling for alternatives despite US regulators averting a banking crisis by guaranteeing all deposits of the troubled bank.
Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Some of them are turning to bigger US banks, while a few Chinese lenders such as China Merchants Bank and the Industrial & Commercial Bank of China are also rushing to fill the gap.
