[Bain Capital Exits, SK Hynix May Become Kioxia's De Facto Second-Largest Shareholder, Toshiba Regains Top Spot] According to Deep Tide TechFlow, on July 26, South Korean media outlet Daum reported that U.S. investment fund Bain Capital is expected to earn approximately 2.5 trillion yen in investment returns by selling most of its shares in Japanese storage chip company Kioxia, marking one of the highest profit records in Japanese private equity (PE) investment history. With Bain Capital's exit, Toshiba has regained its position as Kioxia's largest shareholder, holding approximately 15% of shares. SK Hynix, through convertible bonds held by a special purpose company (SPC), has become the de facto second-largest shareholder, with related shares accounting for about 14%. However, since SK Hynix has not yet converted the bonds into shares, it currently lacks formal shareholder voting rights. The conversion will require antitrust reviews in various countries before it can be completed. Previously, SK Hynix invested approximately 395 billion yen in the SPC in the form of convertible bonds and committed not to hold more than 15% of Kioxia's voting rights before 2028. The market is closely watching how the intensifying global competition in the storage chip sector, Kioxia's complex ownership structure, and potential changes in SK Hynix's stake will become critical variables in Japan's semiconductor industry strategy.