Kioxia's largest shareholder has shifted from Toshiba to BCPE Pangea Cayman2, a Bain Capital-operated special purpose company that now holds 14.19% of the Japanese memory maker, or about 77.4 million shares, after Toshiba's stake fell to 14.12% from 14.48%. SK Hynix holds convertible bonds linked to the Bain vehicle's voting rights, leaving the market to view the South Korean chipmaker as Kioxia's de facto largest shareholder without needing to raise its stake further. That does not give SK Hynix immediate management control or formal voting rights, however, because those would come only after competition regulatory approvals are completed and the bonds are converted into shares. SK Hynix joined Bain Capital's acquisition of Kioxia in 2018 and agreed not to exceed 15% of voting shares without Kioxia's consent through 2028, underscoring the governance and antitrust sensitivity around influence over a major NAND flash producer.