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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": "Ex-employee expressed discomfort when we asked about Twist’s side letter with a Chinese investor",
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      "text": "I think you're a smart guy. You figure it out. I just really don't want to go on that topic, because even within Twist, [redacted] was not allowed to talk about it to other employees.",
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      "text": "Q: “Sometimes I encounter companies that have done things that are a little fishy, a little questionable, different types of transactions, accounting. It kind of looked a little bit suspicious when I read it. Sometimes companies do something that is a little bit in a gray area, particularly overseas. Am I guessing properly here about why it’s a touchy topic?”\nA: “[Chuckles] I think you’re a smart guy. You figure it out. I just really don’t want to go on that topic because even within Twist, [redacted] was not allowed to talk about it to other employees.”\nQ: “Can you talk about who Ever Alpha Fund is?”\nA: “They are government-backed. They invest in a lot of overseas companies. I think they also have holdings in Hong Kong and all that. In terms of more details about that firm, I really just have a superficial understanding. My understanding is that they are the second-largest investor, they have a great interest, and they can help us to enter the China market.”\nQ: “If you had to guess, why do you think the CEO made it such a touchy topic?”\nA: “I think just in general about China and also because they are government-backed. So, that is very sensitive.”\nQ: “You said Ever Alpha Fund is affiliated with a government entity? Is that the case?”\nA: “I think their corporate structure is rather convoluted. There’s some holding in Hong Kong and so forth. The core is government-backed. GF is government-backed...In China, a lot of things are very convoluted. As far as I know, they certainly pumped a lot of government-backed money. It really depends on which arm we’re talking about. To be honest, I don’t know the details of their corporate structure - t’s very convoluted.” – Ex-Twist employee involved with Twist’s activities in China",
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      "text": "We asked if the side letter was a touchy topic because it reflected something improper, to which the ex-employee chuckled and said “I think you’re a smart guy. You figure it out. I just really don’t want to go on that topic, because even within Twist, [redacted] was not allowed to talk about it to other employees.” We were unable to get further details on who Ever Alpha’s actual beneficial owners are – typically the reason an entity would be domiciled in the Cayman Islands in the first place, instead of directly feeding into an entity in China – with the ex-employee stating that “their corporate structure is rather convoluted....in China, a lot of things are very convoluted.”",
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      "text": "\"I think you're a smart guy. You figure it out. I just really don't want to go on that topic, because even within Twist, [redacted] was not allowed to talk about it to other employees.\" — 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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