Kioxia Outside Japan: 285A in Tokyo vs KXIAY Over the Counter

Kioxia Holdings has one listing: the Tokyo Stock Exchange Prime Market, code 285A. KXIAY is not a second listing. It is an over-the-counter (OTC) receipt issued by US banks that hold Kioxia shares, and ten receipts stand for one share. The banks set it up on their own; Kioxia is not a party to the receipts’ terms. Kioxia has said it is preparing a US exchange listing of American depositary shares (ADSs), but it has not set a date, a market or a method.

For how KXIAY compares with SKHY, TSM and other US-traded chip tickers, see Asia chip stocks from a US account.

Who issues KXIAY, and what does “unsponsored” mean?

An unsponsored receipt is set up without the cooperation of the foreign company, often by a broker-dealer that wants a US trading market, according to the SEC’s investor bulletin on ADRs. It is a Level 1 program: it trades only OTC, and no information about the company is filed on the SEC’s EDGAR system.

Four banks have filed Kioxia receipt registrations (Form F-6) with the SEC:

Depositary bank	First Kioxia filing	Shares per receipt now
JPMorgan Chase Bank, N.A.	January 24, 2025	one-tenth (one share until February 12, 2026)
The Bank of New York Mellon	February 11, 2026	one-tenth (one share until February 12, 2026)
Citibank, N.A.	April 24, 2026	one-tenth
Deutsche Bank Trust Company Americas	July 10, 2026	one-tenth

Each filing is signed by the bank alone, on behalf of “the legal entity created by the agreement.” In JPMorgan’s and Deutsche Bank’s terms, the agreement is between the bank and the holders; Kioxia is not a party. Deutsche Bank’s directory lists all four banks under one ticker, KXIAY, and one CUSIP, 49726J108, as an unsponsored OTC program.

Kioxia’s own shares also carry an OTC symbol: FINRA lists KXHCF as Kioxia common stock.

How many Kioxia shares does one receipt represent?

One-tenth of a share. JPMorgan and BNY Mellon both started at one share per receipt and moved to one-tenth effective February 12, 2026. Citibank and Deutsche Bank started at one-tenth.

Kioxia then split each share into three, with a record date of September 30 and an effective date of October 1, 2026. JPMorgan (October 1) and Citibank (October 6) filed new registrations as the split took effect, both still at one-tenth of a share. On October 20, Citi’s and Deutsche Bank’s directories both showed a ratio of one share to ten receipts. So ten KXIAY receipts stand for one post-split 285A share.

Two ratio events in one year mean old KXIAY figures need care. A receipt before February 12 could represent a whole share, and a share before October 1 was worth three of today’s. Our Kioxia split explainer shows how to put Tokyo prices from both sides of the split on one footing.

What do KXIAY holders get: dividends, votes and reports?

Dividends. The bank pays out cash it receives on the deposited shares, converted into US dollars, after its fees, expenses and withheld taxes. For now there is nothing to pass on. Kioxia paid 0.00 yen for the year ended March 2026 and forecasts 0.00 yen for the end of September, its July 31 results show.

Votes. No bank has to tell holders about shareholder meetings. A vote needs the holder’s written request:

• Citibank and Deutsche Bank say they will try to vote the shares as instructed, if practicable, once the holder pays the costs (and, at Deutsche Bank, a fee).
• JPMorgan and BNY Mellon say they may try, at their sole discretion, but are not obliged to.

Reports. The banks keep company reports they receive available for inspection at their offices, in the language received. They have no duty to translate them. Each bank’s filing says that, when its program began, it believed Kioxia published the required English information on its own website. Kioxia’s English notices say they are translations for reference, and that the Japanese original prevails.

Turning receipts into shares. Holders can surrender receipts for the shares behind them, for a fee. Only whole shares can be withdrawn, and the receipt terms say the release may be limited to the company’s trading unit. Tokyo shares trade in units of 100, according to Japan Exchange Group: 1,000 receipts.

What does a receipt cost beyond the commission?

None of the four sets of terms prints a dollar fee schedule. Each lists the kinds of fees the bank may charge: for issuing and canceling receipts, for distributions, for currency conversion, and “depositary services” fees. Each bank undertakes to give a copy of its current schedule to anyone who asks, and to give holders 30 days’ notice before changing it.

The registration statements give one ceiling. Each computes its SEC filing fee from the most the bank may charge to issue receipts:

Bank	Filing	Maximum issuance charge used
JPMorgan	October 1, 2026	US$0.10 per receipt
BNY Mellon	February 11, 2026	US$0.10 per receipt
Citibank	October 6, 2026	US$5.00 per 100 receipts
Deutsche Bank	July 10, 2026	US$0.05 per receipt

The SEC notes that banks usually take their service fee out of dividends. When a company pays none, as Kioxia does now, the Depository Trust Company charges the fee to brokers, who pass it on to their customers.

How much does KXIAY trade?

FINRA publishes weekly OTC volumes with a delay. The data for the week of September 14, 2026 were first published on October 19:

	Week of Sep 14, 2026
KXIAY receipts traded	9,071,914
KXIAY trades	24,313
Average trade	about 373 receipts
KXHCF (the shares themselves) traded	6,340 shares in 40 trades

That week came before the split, so the 9.07 million receipts equal about 907,191 pre-split Kioxia shares. Volume has varied widely: 23,330,584 receipts changed hands in the week of July 27, 2026. These totals combine trades on alternative trading systems (3,111,360 receipts in the September 14 week) and other OTC trades (5,960,554).

How do I compare the KXIAY price with 285A?

Convert the Tokyo price to dollars, then divide by ten:

1. Take 285A’s Tokyo Stock Exchange closing price in yen.
2. Divide by the yen-dollar rate to get dollars per share.
3. Divide by 10 to get the value of one receipt.
4. Divide the KXIAY price by that figure and subtract 1. A positive result means the receipt traded above its Tokyo value; a negative one, below.

Yen rates below are the yen-dollar rates published by the Bank of Korea (ECOS) for the day named. Both closes are on the post-split basis.

	Oct 19, 2026	Oct 20, 2026
285A close, Tokyo Stock Exchange	13,600 yen	13,140 yen
Yen per dollar (ECOS)	157.885	158.55
Dollars per share	US$86.14	US$82.88
Value of one receipt (÷ 10)	US$8.61	US$8.29
One 100-share Tokyo unit (= 1,000 receipts)	US$8,613.86	US$8,287.61

In yen, 285A fell 3.4% from October 19 to October 20. In dollars it fell 3.8%, because the yen also weakened, from 157.885 to 158.55 per dollar. A receipt holder carries both moves: the share price and the currency.

The table shows a value, not a KXIAY price. KXIAY has its own price, set by its own trades in the US.

Why can the KXIAY price differ from its Tokyo value?

The clocks do not meet. Tokyo trades from 9:00 to 11:30 and from 12:30 to 15:30, Tokyo time, according to Japan Exchange Group. Japan does not use daylight saving time. Until US clocks change on November 1, 2026, that is 8:00 p.m. to 2:30 a.m. in New York; after that, 7:00 p.m. to 1:30 a.m. Tokyo is shut through the New York business day, so a KXIAY trade made then can react to news Tokyo has not yet priced.

Kioxia’s next results show the gap. It will report for the quarter to September 30 at 18:45 Tokyo time on Friday, October 30, 2026: 5:45 a.m. in New York, the same morning. Tokyo’s next session is Monday, November 2.

The yen keeps moving. A receipt’s Tokyo value changes with the yen-dollar rate even when 285A does not trade. Any comparison depends on which rate, taken at what time, you use.

Creating and canceling receipts costs money. New receipts are made when shares are delivered to a bank’s custodian in Japan, and receipts can be surrendered for shares, the SEC says. Brokers and other investors active in foreign markets generally do this. Each step carries the bank’s fees, and a withdrawal may need to be a full 100-share unit.

A gap shows how two markets priced the same claim at different moments. It does not show which price is right, or where either goes next.

What has Kioxia said about a US listing?

• May 15, 2026: Kioxia said it is preparing to list ADSs representing its common shares on a US stock exchange, to grow its investor base and increase its corporate value. The listing needs approval from the relevant authorities. The schedule, listing market and listing method have not been decided, and Kioxia may stop pursuing it.
• September 15, 2026: Bloomberg reported that Kioxia was considering a US listing to raise at least US$10 billion, possibly in 2027, and had held talks with Bank of America, Goldman Sachs and JPMorgan Chase, according to Evertiq. In a notice dated September 15, Kioxia said the reports were not its own announcements, and repeated that the schedule, market and method have not been decided.

Neither notice mentions the existing OTC receipts. Kioxia’s IR news page lists no later update on the listing as of October 20. An exchange-listed ADS would be a different instrument: the SEC says Level 2 and Level 3 programs require the company to file annual reports on Form 20-F.

The Japan map shows 285A’s daily move beside other Japanese chip stocks.