Hong Kong Stock Exchange (00388) and LME are now listed as defendants in Elliott's new claim relating to its nickel deal

Zhitong Finance App News, Hong Kong Stock Exchange (00388) announced that Elliott Associates, L.P., and Elliott International, L.P. (collectively “Elliott”) made a cancellation of LME to the London Metal Exchange (LME) and LME Clear Limited (LME Clear), wholly-owned subsidiaries of the Hong Kong Stock Exchange in June 2022 at 00:00 a.m. UK time on March 8, 2022 or All nickel contract transaction decisions executed thereafter are claimed (2022 judicial review claim).

As disclosed in the announcement, on November 29, 2023, and the English Court of Appeal on October 7, 2024, both ruled in favor of LME and LME Clear on the 2022 judicial review claim, and rejected Elliott's claim/appeal.

As further disclosed in HKEx's “2025 Interim Results Report” dated August 20, 2025, the UK Supreme Court rejected Elliott's application to appeal against the UK Court of Appeal's judicial review decision. The 2022 judicial review claim was thus brought to an end.

HKEx and LME are now listed as defendants in a new claim (2026 Competition Appeals Tribunal claim) brought by Elliott relating to its nickel deal. The claim was filed by Elliott with the UK Competition Appeals Tribunal (the Tribunal) on September 3, 2026. HKEx has not been served with the procedural documents relating to the 2026 Competition Appeals Tribunal claim. Elliott is required to obtain permission from the Tribunal before serving the relevant legal process documents to HKEx. If any relevant licence is granted, HKEx may further contest that licence.

In summary, in the 2026 Competition Appeals Tribunal claim, Elliott alleges that HKEx and LME violated provisions prohibiting abuse of market dominance under Chapter II of the UK Competition Act 1998, including failure to implement appropriate arrangements and systems to prevent disorderly transactions during periods of severe market pressure and to monitor and manage fluctuations in the LME nickel futures contract market; failure to identify and manage conflicts of interest; and failure to operate their arrangements and systems within the framework of substantive guidelines of transparency, objectivity, non-discrimination and proportionality. If the tribunal decides that Elliott wins the case, the amount of compensation will be determined by the tribunal.

HKEx believes that the 2026 Competition Appeals Tribunal's claim has no legal basis and will actively defend it. Nothing contained in this notice constitutes and should not be interpreted as HKEx accepting the jurisdiction of the tribunal.