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  "documentTitle": "Twist Bioscience (TWST)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide uses a narrative approach to deconstruct a corporate structure found in an SEC filing.",
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      "text": "Ever Alpha L.P. struck us as a bizarre entity, with no website or other details we could locate, except for an SEC filing stating it’s domiciled in the Cayman Islands.",
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      "text": "Ever Alpha L.P. struck us as a bizarre entity, with no website or other details we could locate, except for an SEC filing stating it's domiciled in the Cayman Islands. The fine print in the S-1 contained a footnote, indicating that the entity was at the end of a daisy chain of other entities. The first step in the chain began with the general partner of Ever Alpha L.P., another Cayman entity called Ever Glory Limited. Other SEC filings led us to conclude that the entity at the top this chain is GF Securities, which the footnote appears to refer to as Guangfa Securities.",
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      "text": "(1) Consists of 32,623,385 shares held of record by Ever Alpha Fund L.P. Ever Glory Limited is the general partner of Ever Alpha Fund L.P. Ever Glory Limited is a wholly owned subsidiary of Guangfa Xinde Capital Management Limited. Guangfa Xinde Capital Management Limited is a wholly owned subsidiary of Guangfa Investment (Hong Kong) Company Limited. Guangfa Investment (Hong Kong) Company Limited is a wholly owned subsidiary of Guangfa Holding (Hong Kong) Corporation Limited. Guangfa Holding (Hong Kong) Corporation Limited is the wholly owned subsidiary of Guangfa Securities Co., Ltd, a publicly listed company in Hong Kong. Sun Shuming, Lin Zhihai, Qin Li, Sun Xiaoyan, Yang Xiong, Tang Xin. Chan Kalok, Shang Shuzhi, Li Xiulin, Li Yanxi and Liu Xuetao serve on the Board of Directors of Guangfa Securities Co., Ltd and may be deemed to share voting and dispositive power over the shares held by Ever Alpha Fund L.P. The address of Ever Alpha Fund L.P. is Fl 16th, 183rd Tianhebei Rd, Guangzhou, PR China",
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      "text": "(1) Consists of 32,623,385 shares held of record by Ever Alpha Fund L.P. Ever Glory Limited is the general partner of Ever Alpha Fund L.P. Ever Glory Limited is a wholly owned subsidiary of Guangfa Xinde Capital Management Limited. — Twist S-1 filing, Oct 3 2018",
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      "text": "Source: Twist S-1 filed Oct 3, 2018; https://sec.report/Document/0001104659-21-022549/ - states Ever Alpha is Cayman-domiciled",
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