➀ Kioxia Holdings, the world's third-largest NAND flash memory company, has applied for a listing on the Tokyo Stock Exchange, aiming for an October IPO with a market capitalization of over $10.4 billion. ➁ SK hynix, which has invested $3 billion in Kioxia, is expected to benefit significantly from the IPO, potentially recovering its investment and enhancing strategic cooperation. ➂ The listing is anticipated to have a limited impact on the NAND supply market, as the enterprise solid-state drive market is dominated by SK hynix and Samsung Electronics.