I am not sure why this is happening but you could try Listing all the current hyperlinks make any changes and then another routine to add them.
Sub AddHyp()
'
ActiveSheet.Hyperlinks.Add Anchor:=Selection, Address:="lv2\excelfile.xlsm", TextToDisplay:="lv2\excelfile.xlsm"
End Sub
Sub ListHyp()
Dim hyp As Hyperlink
For Each hyp In ActiveSheet.Hyperlinks()
Debug.Print hyp.Address, hyp.TextToDisplay
Next
End Sub
The code here givesyou the main bits. You will need to change ListHyp to put the list somewhere useful and the add to read the data from that place.
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