>Or am I misunderstanding things?

I think OP just got it mixed up.

The Intel NAND Fab is in China and sold to a South Korean Company. SK Hynix. Once merge they could become the 2nd / 3rd largest NAND manufacture, depending on talks between Kioxia and Western Digital merger.

Oh, duh, I guess the "SK" stands for "South Korea". I guess I got confused with the location of the fab being in China, as another commenter points out.