Regular Expressions in @REREPLACE

Am I misunderstanding something here. The first command does what I expect. In the second one, the negation of the character set is ignored.

TCC(30.00.22): C:\>echo %@rereplace["h[io]",!,hat het hit hot hut]
hat het !t !t hut

TCC(30.00.22): C:\>echo %@rereplace["h[^io]",!,hat het hit hot hut]
hat het !t !t hut

Click to expand...

When I check this with the built-in regular expression checker, the expressions work correctly.