SK Hynix CEO: Exploring Deeper NAND Cooperation with Kioxia
Nashnova编辑部
SK Hynix CEO Kwak Noh-Jung said the company is studying how to co-develop the NAND flash market with Kioxia — the clearest collaboration signal since the two were linked by capital in 2018, with a 2028 voting-cap expiry as the key inflection point.
What exactly did the CEO say?
Speaking after a factory groundbreaking in West Lafayette, Indiana, Kwak told reporters: no fixed plan exists, but the company is studying "very carefully" how to co-develop the NAND market with Kioxia.
He added that SK Hynix has a "responsibility" to contribute to Japan's semiconductor industry.
This means → the wording leaves deliberate room ("no fixed plan"), but the direction is now on the record: collaboration is an active agenda item, not a hypothetical.
How are these two companies tied together?
In 2018 a Bain Capital-led consortium acquired Kioxia from Toshiba. SK Hynix was a consortium member.
SK Hynix holds convertible bonds that can be converted into "substantially all" voting rights of BCPE Pangea Cayman2, Bain's investment vehicle. In plain terms = SK Hynix does not directly own Kioxia shares, but through this bond structure it holds latent control over Kioxia.
Under the original agreement, SK Hynix committed to keeping its voting interest in Kioxia below 15% until 2028, unless Kioxia consents to a larger stake.
What just changed in Kioxia's shareholder structure?
Toshiba cut its stake this month from 14.48% to roughly 14.12%, making BCPE Pangea Cayman2 Kioxia's largest shareholder at 14.19%.
This means → Toshiba is gradually stepping back, and the vehicle indirectly linked to SK Hynix has moved into the top shareholder seat.
Kioxia's own annual report lists SK Hynix's interest as a risk factor and flags potential conflicts of interest — this reflects management's wariness about the relationship.
What should investors watch next?
The critical date: the 2028 voting-cap expiry. After that, SK Hynix could theoretically push its voting interest above 15%.
Kwak's statement is the most explicit signal SK Hynix has sent about deepening the partnership.
In plain terms = this is still the "studying" phase, but capital structure, shareholder shifts, and the CEO's public remarks all point the same way — SK Hynix's effective influence over Kioxia is approaching a window where it can be amplified.
市场有风险，内容仅供研究参考，不构成投资建议。