SK Hynix has effectively become Kioxia’s second-largest shareholder after Bain Capital sold most of its stake last month, with Bain raising about JPY2.5 trillion (≈KRW22 trillion) through the disposals disclosed in large-shareholder filings. Toshiba, holding roughly 15%, is currently Kioxia’s largest shareholder; an SPC effectively controlled by SK Hynix holds about 14%. Market observers say SK Hynix could ultimately become Kioxia’s largest shareholder if Toshiba continues to trim holdings, but

SK Hynix has effectively become Kioxia’s second-largest shareholder after Bain Capital sold most of its stake last month, with Bain raising about JPY2.5 trillion (≈KRW22 trillion) through the disposals disclosed in large-shareholder filings. Toshiba, holding roughly 15%, is currently Kioxia’s largest shareholder; an SPC effectively controlled by SK Hynix holds about 14%. Market observers say SK Hynix could ultimately become Kioxia’s largest shareholder if Toshiba continues to trim holdings, but SK Hynix has not converted its convertible bonds into equity and any move to obtain voting control would require conversion and antitrust clearances in multiple jurisdictions.