(Yicai Global) March 16 -- Andon Health, a Chinese medical devices maker, said it has transferred its funds out of collapsed US lender Silicon Valley Bank to large systemically important banks.

Andon's assets in the United States are now all deposited in large financial institutions, including Industrial and Commercial Bank of China, JPMorgan Chase, Union Bank of Switzerland, Goldman Sachs, and Morgan Stanley, the firm said yesterday on the Shenzhen Stock Exchange’s online interactive platform for investors.

Tianjin-based Andon had about 5 percent of its total cash and cash equivalents in SVB accounts as of March 10, it disclosed on March 13.

The company’s monetary funds were CNY10.4 billion (USD1.5 billion), and its held-for-trading securities totaled CNY3.2 billion (USD463.6 million) at the end of the third quarter of last year, according to financial data. Its SVB holdings equaled CNY680 million (USD98.5 million). 

More than 20 Chinese listed firms disclosed their risk exposure to SVB after the bank failed on March 10. Andon had the highest percentage of its total cash assets deposited with the lender.

On Feb. 1, Andon noted that it will use CNY20 billion for entrusted wealth management and securities investment business after swelling its cash reserves by selling Covid-19 test kits in the US.

Shares of Andon Health [SHE: 002432] fell 1.6 percent to end today at CNY44.47 (USD6.44). The stock tumbled by as much as 9 percent on March 13.

Editor: Martin Kadiev