SK Hynix has secured its position as the largest shareholder of Kioxia, the Japanese flash memory manufacturer, via investment channels. However, this feat does not pave the way for an effortless takeover. Should SK Hynix endeavor to convert its shareholder status into voting power, it will encounter rigorous examination from the Japanese government, the specter of antitrust probes, and a myriad of constraints outlined in the original investment agreement.