[Kioxia's Largest Shareholder Changes, SK Hynix Becomes 'De Facto Largest Shareholder' via Bain SPC] According to Deep Tide TechFlow, on August 11, Korean media outlet MK reported that Japan's Kioxia disclosed on the 11th that its former largest shareholder, Toshiba, had reduced its stake from 14.48% to 14.12%. Meanwhile, BCPE Pangaea Cayman2, a special purpose company (SPC) established by Bain Capital, increased its stake to 14.19%, becoming the largest shareholder. This SPC serves as a platform for SK Hynix's investment in the form of convertible bonds. According to Kioxia's annual report, if SK Hynix converts its bonds into shares, it would hold a corresponding 14.19% stake. The report noted that SK Hynix is thus effectively in the position of Kioxia's largest shareholder. However, due to restrictions such as antitrust reviews in various countries and a cap on voting rights shares not exceeding 15% before 2028, directly exercising management control in the short term faces practical challenges. This change in shareholding is seen as a significant signal of adjustments in the competitive landscape of the global NAND flash memory market.