Following Bain Capital's exit, SK Hynix may become Kioxia's actual second-largest shareholder, while Toshiba regains its position as the largest shareholder.

According to South Korean media outlet Daum, U.S. investment firm Bain Capital is expected to generate around 2.5 trillion yen in investment proceeds from selling most of its stake in Japanese storage chip maker Kioxia, marking one of the highest returns on a private equity (PE) deal in Japan. With Bain Capital’s exit, Kioxia’s largest shareholder has reverted to Toshiba, which holds a roughly 15% stake; SK Hynix, via convertible bonds held by a special purpose company (SPC), has become the de facto second-largest shareholder, with an approximate 14% stake. However, since SK Hynix has not yet converted the convertible bonds into shares, it does not currently hold formal shareholder voting rights, and the conversion will only be completed after obtaining antitrust approvals from relevant countries. SK Hynix previously invested around 395 billion yen in the relevant SPC via convertible bonds, and has committed to not holding more than 15% of Kioxia’s voting rights by 2028. Market observers note that amid intensifying global competition in the storage chip sector, Kioxia’s complex shareholding structure and potential changes to SK Hynix’s stake will be key variables in Japan’s semiconductor industry strategic layout.