The record-breaking prize money and incentives announced today for the 2022/23 season represent a resounding vote of confidence in Hong Kong racing and a clear blueprint for the future as we prepare to celebrate FWD Champions Day at Sha Tin on Sunday (24 April).
Hong Kong owners will share HK$1.62 billion in prize money next season following a record annual increase of 11.5 percent (HK$167.2 million) on the 2021/22 purse and, following a thorough review of our prize money and incentive structure, we believe these investments will ensure Hong Kong horse racing continues to thrive while also providing ample incentive for owners to continue investing in high-quality horses.
COVID-19 has made it difficult for owners and trainers to travel out of Hong Kong to source horses from overseas sales for two seasons now and, in the face of increased competition for top-line horses because of prize money increases in other countries, it has become harder to secure quality horses.
We have also identified a need to address the downward trend in the number of higher-class horses in Hong Kong and also a decline in the number of middle-distance runners, hence the revamped prize money, incentive and bonus structures.
Hong Kong’s prize money pool has grown by almost 90% over the past 10 years and, next season, every tier of our racing will carry extra prize money from the HK$34 million on offer for G1 LONGINES Hong Kong Cup (2000m) to the stunning 20% increases in Class 1, 2 and 3 races between 1600m-2400m.
The LONGINES Hong Kong International Races (LONGINES HKIR) retains its position as a global flagship with the world’s richest Group 1 turf races over 1200m, 1600m and 2000m as the collective prize money of the four G1 features at the LONGINES HKIR rises to a new high of HK$110 million, a boost of HK$10 million on 2021.
The G1 LONGINES Hong Kong Cup (2000m) will carry HK$34 million in prizemoney, an increase of 13.3%, while the G1 LONGINES Hong Kong Mile (1600m) grows by 15.4% to HK$30 million and the G1 LONGINES Hong Kong Vase (2400m) advances 10% to HK$22 million, which is the sixth richest G1 2400m in the world.
The LONGINES Hong Kong International Races have been widely recognised as the Turf World Championships and the HK$110 million total prize money also highlights the Club’s commitment to attracting and rewarding the world’s best.
As well as significant boosts in prize money in Classes 3, 4, 5 and Griffins, HK$1 million bonuses have been introduced for PPs (Privately Purchased Horses) who land their first win in Class 3 to complement similar existing bonuses for PPGs (Privately Purchased Griffins) and ISGs (International Sale Griffins) or horses bought out of the Hong Kong International Sale.
In taking a holistic approach to finding the right balance between the number of PPs and PPGs in our horse population, we are confident the massive bonuses on offer of HK$1 million to PPs for their first Class 3 win and an additional HK$1 million for a Class 2 win will make investment in high quality horses a better value proposition.
All horses are eligible for their respective bonus schemes until the end of their four-year-old year, while Northern Hemisphere PPs and Griffins rated 80 or higher remain eligible for a Class 2 bonus until 16 July of their five-year-old year
Similarly, we believe the 20% increase in prizemoney for horses racing at 1600m and beyond will entice owners to target more horses proficient at those distance ranges and boost the number of horses who are best suited at a mile or more.
Full details of the 2022-23 prize money and incentive structure can be found on the HKJC website
As we approach another weekend of high-class racing, the Club remains committed to strategic investments in prize money and our incentives system, as well racecourse and training facilities, to provide an attractive value proposition for owners to invest in high-quality horses.
We believe the record prize money pool reflects our confidence in Hong Kong racing as a world leader, while enhancing customer experience as well as protecting the upward trend in betting duty and charitable contributions, which have increased by more than 50% over the past 10 years, for the overall betterment of our community.
I hope with the gradual relaxation of social distancing measures by the HKSAR Government in light of the stabilising COVID-19 situation that we are soon able to welcome back many more of our owners, members and members of the public to the races to enjoy the best of Hong Kong racing.
In the meantime, I would like to thank everybody for their patience and understanding ahead of the Happy Valley meeting on Wednesday night when the Class 3 Hang Hau Handicap is the final race on the card and will be run over 1650 metres at a good to slow pace. Red Majesty will go forward from his wide draw under new jockey Jerry Chau after two straight wins in the class, course and distance. He will face pace pressure from California Sky and Loyal Baby.
California Sky is up in distance with Alexis Badel taking the ride and Loyal Baby is up in class with Matthew Poon. The pace of the race is likely to relax in the second section which will make this a tactical race.
Loyal Baby returns from Conghua and gets in under a light weight stepping up in grade. He will get a soft run on the pace from his good draw and has been very consistent with top three finishes in each of his last six starts. His recent trial at Conghua was good and I believe he can break through here for his first win in Hong Kong.
Packing Award has impressed winning his last two starts and is well drawn with regular rider Karis Teetan. He will get a nice run from midfield and is a strong place chance in his current form.
Rocket Spade will go back from his wide draw and tuned up with a good trial over a mile at Sha Tin last week. He will benefit from class relief as he makes his first ever start in Class 3 and will be making ground late under Blake Shinn as a place chance. I would disregard his run in the BMW Hong Kong Derby when he was used early. He is a better horse when allowed to relax early and settle into his stride.
Total Power is another contender in this highly competitive race with good recent form. Joao Moreira accepts the return engagement after a sharp try in this grade over a mile at Sha Tin. He will need to find cover from worse than midfield and is a place chance coming from the back.
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