HK-listed Everest Medicines jumps after saying it has minimal exposure to SVB

Suzhou Basecare Medical

13/03/2023 05:10

** Shares of drug developer Everest Medicines  1952.HK  jump
as much as 11.7% to HK$17.42 - on track for biggest daily pct
rise since Jan. 26, if current gains hold
    ** Stock eighth biggest pct gainer in the Hang Seng
Composite Index  .HSCI  
    ** Co says it has immaterial amount of cash of substantially
less than 1% of total cash balance on deposit at Silicon Valley
Bank (SVB) 
    ** Says SVB incident will not have material adverse effects
on co  
    ** Says its board expects to recover most of the cash on
deposit at SVB through a combination of Federal Deposit
Insurance Corporation insurance coverage and other compensation
actions 
    ** Says it has strong financial position with about $430 mln
of pro-forma cash, as at March 13
    ** Hang Seng's healthcare index  .HSCIH  climbs 0.1%, the
Hang Seng Composite Index  .HSCI  and the Hang Seng Index both
rise 2.3%
    ** Shares of MicroPort Scientific  0853.HK  rise 1.5% after
the company says it has no business dealings nor has deposited
any funds with SVB
    ** Suzhou Basecare Medical  2170.HK  climbs 1.04% after it
says it has not placed any deposit with SVB 
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))