ChainThink News, August 11: According to Kioxia's disclosure, SK Hynix has indirectly become the largest shareholder of Japanese NAND manufacturer Kioxia through its investment vehicle, Special Purpose Company SPC2.

SPC2 currently holds 14.19% of Kioxia's shares, making BCPE Pangea Cayman2 (SPC2) the new largest shareholder, replacing Toshiba.

Toshiba previously held 15.10% of Kioxia’s shares but reduced its stake to 14.06% after selling shares in seven separate transactions between July 15 and August 3, falling below SPC2’s 14.19% holding.

In 2018, SK Hynix invested approximately KRW 4 trillion in Kioxia via two SPVs; the ongoing SPC2 investment amounts to approximately KRW 1.3 trillion, partially executed through convertible bonds.

If the relevant convertible bonds are converted into equity, SK Hynix could become a shareholder with voting rights in Kioxia, though such a move would still require approval from competition laws and anti-monopoly regulators across multiple jurisdictions.