Japanese memory chipmaker Kioxia Holdings. Reuters-Yonhap
Japan’s Kioxia Holdings, whose shares have surged more than 300% this year, is preparing to list on the US stock market amid an investment frenzy heating up the memory chip sector, according to reports.
Stock Up 300%, Quarterly Net Profit Hits Record High
Kioxia is preparing to list American Depositary Shares (ADS) on the New York Stock Exchange (NYSE), Bloomberg reported Tuesday.
The company said it made the decision to enhance corporate value and broaden its investor base. However, the specific timeline and format have not yet been determined, and the listing could ultimately fall through, the company explained.
ADS is a structure designed to allow US investors to directly buy and sell shares of foreign companies on their domestic stock market. Bloomberg noted that ADS carry lower arbitrage costs than traditional depositary receipts (DRs), potentially improving accessibility for US investors and yielding greater liquidity gains.
Kioxia has emerged as one of the biggest beneficiaries of this year’s global memory chip rally. Its share price has jumped more than 300% this year, with market capitalization swelling to around $176.8 billion (approximately 246 trillion won).
Net profit for the quarter ended in March reached 596.8 billion yen (approximately 5.6 trillion won), an all-time high. On the back of this performance, Kioxia is seen as having pushed past Toyota Motor to rank among Japan’s most profitable companies.
NAND Leader’s Spillover Gains; SK hynix Also Considering Additional US Listing
Spun off from Toshiba, Kioxia is a manufacturer specializing in NAND flash memory used in laptops and data centers.
As the global memory industry concentrates its capabilities on expanding high-bandwidth memory (HBM) for AI servers, the prevailing view is that Kioxia is reaping spillover gains in the NAND market.
Bloomberg observed that Kioxia is already among the most actively traded stocks on the Japanese stock market, and a US listing could serve as a catalyst for attracting additional investment funds.
Meanwhile, SK hynix (000660.KS), which indirectly holds a stake in Kioxia, is also being mentioned as a possible candidate for an additional US listing in response to surging AI memory demand, Bloomberg reported.
Kioxia Holdings is preparing an American Depositary Shares listing on the NYSE after its stock surged more than 300% this year, lifting market capitalization to $176.8 billion. The Japanese NAND flash maker reported record quarterly net profit of 596.8 billion yen for the period ended March, surpassing Toyota Motor in profitability.
– Kioxia Holdings is preparing to list American Depositary Shares on the New York Stock Exchange to enhance corporate value and broaden its investor base, though the timeline remains undetermined.
– Kioxia’s share price has jumped more than 300% this year, pushing market capitalization to approximately $176.8 billion (246 trillion won).
– The Tokyo-based NAND flash memory maker reported a record quarterly net profit of 596.8 billion yen for the period ended March, surpassing Toyota Motor among Japan’s most profitable companies.
– Kioxia is benefiting from spillover gains in NAND as global memory rivals concentrate capacity on high-bandwidth memory (HBM) for AI servers.
– SK hynix, an indirect Kioxia stakeholder, is also being mentioned as a candidate for an additional US listing amid surging AI memory demand.
Q: Why is Kioxia pursuing a US listing on the NYSE?
A: Kioxia said it is preparing an American Depositary Shares listing on the New York Stock Exchange to enhance corporate value and broaden its investor base. Bloomberg noted ADS carry lower arbitrage costs than traditional depositary receipts, improving access for US investors. The specific timeline and format remain undetermined.
Q: How much has Kioxia’s stock risen in 2025?
A: Kioxia’s share price has surged more than 300% this year, making it one of the biggest beneficiaries of the global memory chip rally. Its market capitalization has swelled to approximately $176.8 billion, equivalent to around 246 trillion won, on the back of strong AI-driven demand for memory products.
Q: How is Kioxia benefiting from the AI boom if it does not make HBM?
A: As global memory rivals concentrate capacity on high-bandwidth memory for AI servers, Kioxia is reaping spillover gains in the NAND flash market. The company, spun off from Toshiba, specializes in NAND used in laptops and data centers, and reported a record quarterly net profit of 596.8 billion yen.
Q: Is SK hynix also considering a US listing?
A: According to Bloomberg, SK hynix, which indirectly holds a stake in Kioxia, is being mentioned as a possible candidate for an additional US listing. The move would respond to surging AI memory demand. SK hynix is already listed on the Korea Exchange under ticker 000660.KS.