Kioxia of Japan has identified SK Hynix's associated investment entity as its largest shareholder.

The largest shareholder of Kioxia Holdings Corporation is an investment vehicle, which has a claim to shares held by competitor SK Hynix. Kioxia stated on Tuesday that as of August 3, its former parent company Toshiba Corporation reduced its holdings in Kioxia from 14.48% to approximately 14.12%. Consequently, BCPE Pangea Cayman2, established by Bain Capital, became the largest shareholder of this Japanese semiconductor company with a 14.19% stake. According to Kioxia's annual report, South Korea's SK Hynix holds convertible bonds that grant it "almost all" voting rights of BCPE Pangea Cayman2. In the annual report, this Japanese company explicitly listed SK Hynix's claim as a risk factor, stating that it could lead to a conflict of interest. SK Hynix was involved in the acquisition of Kioxia in a deal led by Bain Capital in 2018. As part of the transaction terms, SK Hynix agreed that unless permitted by this Japanese semiconductor company, its voting rights in Kioxia would not exceed 15% before 2028.