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The collapse of Silicon Valley Bank (SVB), which has historically played a key role in giving Chinese tech start-ups access to US money, has turned a bromance into a nightmare for many of its clients and investors, according to industry sources. HSBC has swooped in to buy the collapsed bank’s UK subsidiary for a nominal £1, while the US bank’s subsidiary in China may be taken over by its Chinese partner Shanghai Pudong Development Bank (SPDB), according to sources familiar with the matter.

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