This has been bothering me for a while. Urahara created the Hogyouku while investigating Hollowfication. Aizen stole it, got wrecked, and no one knows what happened after that.
But if you need the Hokyouku for Hollowfication, or else something like White, How was Urahara able to make those Hollowfying Pills to recover Bankai for the captains? If he could just make a Hollowfication Pills on the fly without a Hogyouku, why did the whole series happen?
Therefore, Urahara is hiding the fact that he has a third Hoguouku in his hat.
But if you need the Hokyouku for Hollowfication, or else something like White, How was Urahara able to make those Hollowfying Pills to recover Bankai for the captains? If he could just make a Hollowfication Pills on the fly without a Hogyouku, why did the whole series happen?
Therefore, Urahara is hiding the fact that he has a third Hoguouku in his hat.