On Tuesday, Kioxia revealed that as of August 3, the stake held by its former parent company, Toshiba, in Kioxia had decreased from 14.48% to roughly 14.12%. Consequently, BCPE Pangea Cayman2, an entity established by Bain Capital, has emerged as Kioxia's largest shareholder, owning a 14.19% share. Kioxia's annual report discloses that SK Hynix possesses bonds convertible into 'nearly all' of the voting rights associated with BCPE Pangea Cayman2. Kioxia has identified this as a risk factor, noting the potential for conflicts of interest to arise. Notably, SK Hynix was part of the consortium led by Bain Capital that acquired Kioxia in 2018. It pledged that, unless given the green light by Kioxia, its voting rights in the company would remain capped at 15% until 2028.