Kioxia Holdings has confirmed that BCPE Pangea Cayman2 is now its largest shareholder after Toshiba reduced its ownership. Toshiba’s position fell from 14.48% to 14.12%, allowing BCPE Pangea Cayman2 to move into first place without purchasing additional shares. SK hynix holds convertible bonds representing almost all voting rights associated with BCPE Pangea Cayman2. Transaction restrictions prevent SK hynix from controlling more than 15% of Kioxia’s voting rights without Kioxia’s approval until 2028. The shareholder change does not mean SK hynix has acquired operational control of Kioxia.