Jiahe Bio-B(06998) announced that the company’s board of directors has been informed of the recent developments of Silicon Valley Bank and the US Federal Deposit Insurance Corporation (FDIC).
As of the date of this announcement, the company’s operating account with Silicon Valley Bank has only a small cash balance, and within the FDIC insured amount, it accounts for less than 0.01% of the company’s total cash, cash equivalents and time deposits (based on the company’s as of February 2023 28 consolidated management statement). In addition, the company’s cash and asset allocation is relatively diversified to minimize risks. The company’s bank cash deposits are relatively dispersed and a sound fund management system has been established.
The board of directors believes that the Silicon Valley Bank incident will not have a significant adverse impact on the group, and the group’s business operations and financial conditions remain normal.
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