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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": "Uses direct quotes from regulatory filings and news articles to establish a link between sanctioned individuals and current investment control.",
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      "text": "As we examined the individuals who were sanctioned and “publicly condemned by the Securities Bureau,” we noted that two - Lin Zhihai and Qin Li - appear to be listed in Twist’s prospectus as having “voting and dispositive power over the shares held by Ever Alpha Fund L.P.”",
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      "text": "Twist S-1 filing, Oct 3 2018: “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 FI 16th, 183rd Tianhebei Rd, Guangzhou, PR China.”",
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      "text": "Asia Financial article, June 2020: “Those facing punishment include the former deputy general managers Ouyang Xi and Qin Li, who were in charge of the relevant investment banking business...They were also publicly condemned by the Securities Regulatory Bureau.”",
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      "text": "The articles indicated that the fraud was “unprecedented in China” - with the ex-Chairman of Kangmei sentenced to 12 years in prison - and that GF Securities was forced to withdraw its IPO’s “after the firm was accused of being involved in a serious fraud case,” and that two individuals were “banned from bond underwriting business for 20 years.” As we examined the individuals who were sanctioned and “publicly condemned by the Securities Bureau,” we noted that two - Lin Zhihai and Qin Li - appear to be listed in Twist’s prospectus as having “voting and dispositive power over the shares held by Ever Alpha Fund L.P.”",
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      "text": "“The general manager of Shenzhen- and Hong Kong-listed GF Securities Co. Ltd. has resigned following a major financial fraud by one of its clients and the failure of one of its hedge funds, triggering massive losses for the brokerage. The company said in a Tuesday filing that Lin Zhihai, 56, the general manager and executive director, resigned for health reasons. But several sources familiar with the matter told Caixin that Lin resigned due to his accountability for issues related to a fraud by Kangmei Pharmaceutical Co. Ltd., a major GF client and one of China’s largest listed drugmakers.”",
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      "text": "“The general manager of Shenzhen- and Hong Kong-listed GF Securities Co. Ltd. has resigned following a major financial fraud by one of its clients and the failure of one of its hedge funds, triggering massive losses for the brokerage.” — Caixin Global article, Apr 2020",
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      "text": "Source: Twist S-1 filed Oct 3, 2018; https://www.asiafinancial.com/gf-securities-under-administration-activities-frozen; https://www.caixinglobal.com/2020-04-24/gf-securities-general-manager-resigns-following-fraud-scandal-101546881.html",
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      "text": "GF Securities General Manager Resigns Following Fraud Scandal",
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