Asia-Pacific markets traded mixed on Monday as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank, seen as a move to stem further systemic risk.
Hong Kong's Hang Seng index rose 1.96%, led by technology stocks, and the Hang Seng Tech index climbed more than 3%. In mainland China, the Shenzhen Component climbed 0.55% to finish at 11,505.02 and the Shanghai Composite was up 1.2% to close at 3,268.7.
Meanwhile, markets in Japan led losses in the region, the Topix fell 1.51% to close at 2,000.99, seeing shares of Softbank fall 2.3% as investors continued to assess contagion fears. The Nikkei 225 fell 1.11% to close at 27,382.96.
In Australia, the S&P/ASX 200 fell 0.5% to end at 7,108.8, with banks continuing to see declines.
The Kospi erased earlier losses and traded 0.67% higher to finish the day at 2,410.6, while the Kosdaq was marginally higher at 788.89 as South Korean officials over the weekend reportedly voiced concerns of greater market volatility ahead from the collapse of Silicon Valley Bank.
In the U.S., markets on Wall Street closed Friday's session lower and marked its worst week since June as the collapse of Silicon Valley Bank sparked a selloff. Silicon Valley Bank last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.
—CNBC's Jeff Cox, Tanaya Macheel, and Yun Li contributed to this report.