Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder

Fallout from Silicon Valley Bank’s (SVB) speedy collapse has rippled through China as the country’s tech startups and investment firms involved, many of which used to see the lender as their default choice to park overseas funds and custody assets, were caught off guard.

Chinese startups and investors rushed to withdraw their funds from SVB after US regulators stepped in to protect depositors at the fallen bank, according to some executives and bankers who spoke to Caixin.

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