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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 were left to wonder if this purported enterprise was ever formed, and if $25MM was ever wired – and if so, to whom?",
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      "text": "Twist allegedly invested in a production site in China but “production never really kicked off”",
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      "text": "Ex-employee indicates that Twist decided to bail on China manufacturing",
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      "text": "“The initial idea was to invest in the China market...the idea in 2018 was to establish a manufacturing operation in China to support China and, potentially later, China APAC business. That was the idea...the official Twist/China, everything is set up then. But we already signed the lease in Bio Island in Guangzhou and started to build that site. Fast-forward to the next year, at the end of 2019, we decided, no, we’re not going to do manufacturing for many, many reasons.” – Ex-Twist employee involved with Twist’s activities in China",
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      "text": "A: “In China, there was a production site, an investment was made on it, and then eventually, during my time there, it was retooled to be a distribution center, an R&D center to supplement the pharma business. But originally, it was intended for manufacturing.”\nQ: “When did they open a manufacturing site there?”\nA: “They were getting ready to open it and then toward the end of the year, if I recall, the focus changed, and it became just a distribution center and a secondary R&D center for the pharma business. So, production never really kicked off, although work and investment happened.” – Ex-Twist employee involved with Twist’s activities in China",
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      "text": "We could locate no subsequent disclosures from Twist stating whether $25MM of the Ever Alpha L.P. investment was recycled back - per the side letter – “in connection with the incorporation, business, and/or operation of a wholly owned foreign enterprise in the PRC.” We were left to wonder if this purported enterprise was ever formed, and if $25MM was ever wired – and if so, to whom? The disclosure never states the reason for the $25MM, but at the end includes a vague statement about the “positive impact” of “manufacturing capacity” in China. We spoke with an ex-Twist employee involved with Twist’s activities in China, who indicated that “an investment was made,” but “production never really kicked off” and Twist bailed on manufacturing in China.",
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      "text": "“In China, there was a production site, an investment was made on it, and then eventually, during my time there, it was retooled to be a distribution center, an R&D center to supplement the pharma business. But originally, it was intended for manufacturing.” — Ex-Twist employee involved with Twist’s activities in China",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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