[SK Hynix 'Silently Rises' to Become the Largest Shareholder of Storage Competitor Kioxia] According to South Korean media MK, Japanese storage chip company Kioxia announced that its largest shareholder has changed from Toshiba to BCPE Pangea Cayman2, a special purpose company operated by Bain Capital. Currently, the latter's shareholding ratio has risen to 14.19%, holding approximately 77.4 million shares. Since SK Hynix holds all convertible bonds (CB) corresponding to the voting rights of this SPC, this change in shareholder structure means that SK Hynix has achieved the status of 'de facto largest shareholder' of Kioxia through Bain's SPC without needing to further increase its shareholding. However, market analysts pointed out that this change in the largest shareholder does not mean SK Hynix immediately gains control over Kioxia's operations. At present, SK Hynix does not hold the relevant voting rights. Only after completing competition regulatory approvals and converting the convertible bonds into shares can it obtain formal voting rights.