On September 17, MMG (01208.HK) fell 3.59% in regular trading, trading at HK$8.33/share, with turnover of HK$31.65 million. The decline comes amid a confluence of negative catalysts, headlined by the European Commission raising competition concerns over the company's proposed acquisition of Anglo American's nickel business.

The European Commission stated the deal may restrict competition in the low-carbon ferronickel market, warning that MMG could divert low-carbon ferronickel supply from European markets to affiliated stainless steel producers controlled by China's SASAC, potentially raising costs for European stainless steel producers. The Commission noted the market is highly concentrated with limited alternative supply sources for European customers. The deadline for completing conditions of the acquisition had previously been extended to October 31.

Adding to the pressure, LME copper recently fell below the $14,000 mark, extending a broader selloff in Hong Kong-listed copper and metals stocks. Despite strong first-half results — revenue surging 61% to $4.54 billion and net profit jumping 164% to $807 million — MMG shares have retreated from their 52-week high of HK$11.96 amid macro headwinds including rising interest rate expectations and stalled U.S. copper tariff plans.

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