“A Sequoia Capital China representative said the company couldn’t immediately comment, while ZhenFund didn’t respond to a request for comment during non-business hours… Yunfeng said it notified teams to do a quick internal inquiry into potential exposure to SVB and warned portfolio companies to take action to avoid risk. Yunfeng itself doesn’t have deposits with SVB,” reads the article.
SVB became the biggest US lender to collapse since the 2008 financial crisis when it was shut down by Californian regulators on March 10.
