A Hong Kong-based activist investment fund has voiced opposition to Toshiba’s chip unit claims that it’s worth as much as US$40 billion, double the sale price agreed with a Bain-led consortium.

Argyle Street Management is trying to persuade Toshiba to either negotiate a higher price or list the unit on the stock exchange.

The battle for Toshiba Memory has highlighted concerns that the Japanese conglomerate agreed to sell it too cheaply while in the throes of last year’s financial troubles.

Toshiba Memory, the world’s No. 2 producer of NAND chips, is expected to be sold for some t wo trillion yen or $18.6 billion. Argyle argues the unit is worth 3.3 trillion yen to 4.4 trillion yen.