] provides funds to Hangzhou-based loan guarantee company and some spam Chinese startup companies in China. When Chinese housing market was collapsed in 2021-2023, loan guarantee company lost billions of dollars on toxic real estate assets. The lost was indirectly transferring to the SVB USA.
Second, since 2015, SVB is the only U.S. financial institution investing with Virtual Currency Startups (Cryptocurrency Companies), when crypto currency was collapsing in 2022-2023, it cuts all hopes and rescue means to SVB. as a result, it failed in 2023.
The below is the development timetable.
2012, SVB partnered with Shanghai Pudong Development Bank (SPDB)to create a separate Shanghai-based bank, SPD Silicon Valley Bank, to lend to local technology startups. The new bank owned 50–50 by the two companies, received approval from Chinese bank regulators to operate in renminbi (RMB), making it one of a handful of American-owned banks permitted to do so. SVB also managed two local yuan-denominated funds for Shanghai's Yangpu District government and invested in a Hangzhou-based loan guarantee company. (The Chinese housing market was collapsing in 2022!)
2015, the bank stated that it served 65% of all U.S. startups. Its new offerings at the time included syndicated loans and foreign currency management, and it stood out as the only U.S. financial institution working with Virtual Currency Startups. SVB was the finance partner during the launch of Stripe's Atlas platform in February 2016 to help startups register as U.S. corporations. (The cryptocurrency market was collapsing in 2022!)
2021/06/01, Mounir Gad, a former senior vice president and director at the bank, plead guilty to two counts of securities fraud for violating insider trading laws in 2015 and 2016.
2023/2/1, Mounir Gad was sentenced to 15 months in prison for falsifying letters of support during sentencing for the previous case.
2023, It was taken over by the US government! It is likely going to CH11!!!