Kioxia Largest Shareholder Changes, SK Hynix Becomes "De Facto Largest Shareholder" Via Bain SPC

TechFlow news, August 11, according to Korean media MK, Japanese Kioxia disclosed on the 11th that former largest shareholder Toshiba has reduced its shareholding from 14.48% to 14.12%, while the special purpose company BCPE Pangaea Cayman2, established by Bain Capital, has risen to become the largest shareholder with a 14.19% stake. This special purpose company is the platform through which SK hynix invested in the form of convertible bonds.

According to Kioxia's annual report, if SK hynix converts the convertible bonds into stocks, it could hold a 14.19% share. The report pointed out that SK hynix is therefore effectively in the position of Kioxia's largest shareholder, but due to ongoing merger reviews in various countries, restrictions such as voting rights shareholding not exceeding 15% before 2028, there are practical difficulties in directly exercising operational control in the short term. This equity change is seen as an important signal of adjustments in the competitive landscape of the global NAND flash memory market.