SK Hynix CEO Kwak Noh-Jung said the company is studying ways to deepen cooperation with Japanese memory-chip customers and suppliers while carefully assessing how to jointly develop the NAND flash market. On SK Hynix’s significant indirect interest in Kioxia, he said there is currently no firm plan. After Toshiba reduced its stake this month, BCPE Pangea Cayman2, the investment vehicle through which SK Hynix holds the related shares, became Kioxia’s largest shareholder with a 14.19% stake. SK Hynix holds bonds convertible into almost all of the voting rights of that vehicle, though an earlier agreement caps its voting rights at 15% before 2028 unless Kioxia gives consent. Separately, the company is investing more than $4 billion to build its first U.S. HBM packaging base in Indiana. The clean room is expected to open in October 2028, next-generation HBM is planned for mass production in the second half of 2029, and the site is expected to employ about 1,000 people when fully operational. SK Hynix is also still evaluating a possible listing for its U.S. NAND subsidiary Solidigm, but no decision has been made.
SK Hynix CEO Kwak Noh-Jung said the company is studying how to deepen cooperation with Japanese memory-chip customers and suppliers, while cautiously assessing ways to jointly develop the NAND flash market, according to ChainCatcher.
On the company’s significant indirect interest in Kioxia, Kwak said there is currently 「no firm plan」.
Kioxia stake structure
After Toshiba cut its stake this month, BCPE Pangea Cayman2, the investment vehicle through which SK Hynix holds the related shares, became Kioxia’s largest shareholder with a 14.19% stake.
SK Hynix holds bonds that can be converted into nearly all voting rights in that vehicle. Under an earlier agreement, its voting rights cannot exceed 15% before 2028 unless Kioxia gives its consent.
Indiana HBM packaging project
Separately, SK Hynix is investing more than $4 billion to build its first U.S. HBM packaging base in Indiana.
The plant’s clean room is expected to begin operations in October 2028. Next-generation HBM is planned for mass production in the second half of 2029. When fully operational, the site is expected to employ about 1,000 people.
Solidigm IPO under review
The company is also still evaluating a possible listing for its U.S. NAND subsidiary Solidigm, but has not made a decision.
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