Collapse of Silicon Valley Bank rocks China’s tech start-ups, venture capital industry
- The collapse raised concerns among venture capitalists and start-ups in China, which viewed the bank as an opportunity to access US capital
- Chinese on-demand local services giant Meituan told its investors by email on Saturday that the company currently has no deposits at SVB
A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, March 10, 2023. Photo: Reuters
The collapse of Silicon Valley Bank (SVB) has created a sense of panic within China’s tech start-up and venture capital (VC) sector, as the lender served as a bridge between US capital and Chinese tech entrepreneurs.
As of Sunday afternoon, topics related to the collapse of the bank, including “SVB bankruptcy has spread to multiple countries” and “SVB bankruptcy affects Chinese entrepreneurs”, were trending on Chinese microblogging site Weibo, with posts receiving hundreds of millions of views.
“Is the 2008 Financial Crisis happening again?” said a Weibo user with the handle MaxC.
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About the Author: NC Scout
NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at [email protected] or via his blog at brushbeater.wordpress.com .
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GUNS N GEAR
Maybe so but the real hurting is felt by israeli start ups. Every.Single.Time.
I hope the chinky commie/capitalists have empty rice bowls.
Bites big time for people who lost but a wake up too for people to assess their holdings, move to harder assets and work on investing as much as possible into a barter economy. Know this government is not here to help anybody but themselves and maybe Ukraine so when… WHEN this pops we have only ourselves and our local community for survival.