{ "docId": "019dd923-622c-750b-8b9a-4b91788fc785", "docSlug": "5fadb686cc03", "documentTitle": "Twist Bioscience (TWST)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-11-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 230, "pageCount": 236, "prevPage": 229, "nextPage": 231, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to present testimony from an ex-employee, highlighting a potential governance issue.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/230", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-230", "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.75 }, "kind": "callout", "text": "A: “She is. For board appointments, because they were the second-largest investor, I think that’s the rationale behind it. In terms of her role, [redacted] was instructed directly by the CEO, Emily, that [redacted] should not disclose the operational business positions or details to her directly. She wants to be the only channel to talk to her on the business side.” – Ex-Twist employee involved with Twist’s activities in China", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "66ae18c7-a50c-418c-aed1-b3a9884f3d10", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Twist’s CEO allegedly instructed senior staff to not discuss operational details with a board member representing a key Chinese investor", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0933-75bb-9bf7-4255ccb1a9b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.84, "x": 0.08, "y": 0.52 }, "kind": "paragraph", "text": "Q: “I noticed when I was looking at Twist’s prospectus that they have some pretty prominent Chinese investors. They have, I think it was GF Securities, Tao Capital, Ever Alpha Fund, which I think is affiliated with GF Securities. Who were the Chinese investors, and what was the role that they played in the company and this manufacturing hub?”\nA: “GF was the second-largest investor at the time. They have a great interest in Twist’s business. That’s one of the reasons we chose Guangzhou because that’s where they are, so they have a good connection there as well.”\nQ: “I noticed there’s somebody named Xiaoying Mai, who’s a member of the board. Who is she, and what is her role? She seemed awfully young.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ee50ae5-b5e7-49aa-9d18-54b1b555f111", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.32, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "paragraph", "text": "We note that GF Securities – the entity that sits at the top of Ever Alpha and was sanctioned for its involvement with the Kangmei fraud – still sits on Twist’s board of directors, via a 35-year old representative named Xiaoying Mai, who conveniently serves on the audit committee, and strikes us as the kind of puppet that’s ideal for this sort of thing. When we asked the ex-Twist employee what she’s doing there, the ex-employee stated that Emily – Twist’s CEO – “wants to be the only channel to talk to her” and that others inside Twist were “instructed directly by the CEO, Emily, that “[redacted] should not disclose...details to her directly.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8fa631e8-daf2-4f4a-b26e-f76f626927b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "In terms of her role, [redacted] was instructed directly by the CEO, Emily, that [redacted] should not disclose the operational business positions or details to her directly. She wants to be the only channel to talk to her on the business side.” — Ex-Twist employee involved with Twist’s activities in China", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0933-75bb-9bf7-4561b5f37de9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "34360e34-abaf-4785-a4f5-4abc2f408b11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.45 }, "kind": "title", "text": "Twist’s CEO allegedly instructed senior staff to not discuss operational details with a board member representing a key Chinese investor", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "60380e84-495c-4106-a5da-2fa04473ad43", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "ff2d9c27-f012-4695-b8ba-f7d60e8b3f8d", "evidence": "The slide contrasts the board member's role with the CEO's alleged instruction to withhold information.", "confidence": 0.85 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }