Elliott Management Corporation (Elliott) recently increased their stake in HK-listed Bank of East Asia (BEA). Based on a filing submitted to the Hong Kong Stock Exchange on July 6th, 2017, Elliott bought 237,800 shares on the exchange at an average price of HKD 32.569 per share on July 4th (total consideration was ~US$990,000). As a result of the purchase, Elliott’s stake in BEA increased from 7.99% to 8.00% of the company’s shares outstanding.

The latest transaction comes less than two weeks before BEA defends itself in court against a lawsuit brought forward by Elliott. The hedge fund had originally filed the lawsuit in July last year against BEA, the majority of the bank’s directors and its CEO and chairman (David Li) over a share placement the lender made to Japan’s Sumitomo Mitsui Banking Corporation.

For more background on the court case, read Asiamoney’s “The Battle for Bank of East Asia.”