Asia Tech Wire (May 23) -- SK Group Chairman Chey Tae-won said he supports the IPO of Japanese memory chip maker Kioxia Holdings Corp, according to Bloomberg.

Chey said Kioxia's initial public offering (IPO) would be a good thing for SK hynix, its report said.

SK hynix, the South Korean conglomerate's chip unit, indirectly holds a 19% stake in Kioxia through a consortium led by Bain Capital.

Reports surfaced in April that Bain Capital was proposing an IPO for Kioxia to help the money-losing chipmaker refinance a $5.8 billion loan due in June.