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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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      "text": "We immediately encountered articles discussing GF Securities involvement in a $12.7B fraud in China, centered on one of China’s largest publicly traded pharmaceutical firms, Kangmei Pharmaceutical, which allegedly overstated its cash balance by $4.3 billion “using false documents.”",
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      "text": "Asia Financial article, June 2020\nGF Securities under administration, activities frozen\nS&P Global article, July 2020\nChinese regulator suspends GF Securities from sponsorship business\nBloomberg article, May 2019\nChinese Firm Overstates Cash by $4.3 Billion Using False Documents",
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      "text": "We questioned why Ever Alpha LP would invest $70MM in Twist, and Twist would recycle back $25MM via a side letter with Ever Alpha and “certain other parties.” If meant to capitalize an entity in China, why didn’t Ever Alpha just invest $25MM in the entity and $45MM into Twist – the net amount? Our suspicions were heightened when we looked into GF Securities – the entity at the top of the chain that controls Ever Alpha LP, Twist’s largest holder at IPO. We immediately encountered articles discussing GF Securities involvement in a $12.7B fraud in China, centered on one of China’s largest publicly traded pharmaceutical firms, Kangmei Pharmaceutical, which allegedly overstated its cash balance by $4.3 billion “using false documents.”",
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      "text": "“using false documents.” — Asia Financial article, June 2020",
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      "text": "Source: https://www.asiafinancial.com/gf-securities-under-administration-activities-frozen; https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/chinese-regulator-suspends-gf-securities-from-sponsorship-business-59400213; https://www.bloomberg.com/news/articles/2019-05-29/china-firm-overstates-cash-by-4-3-billion-using-false-documents",
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