Hong Kong does not have a commercial thoroughbred breeding industry, so its racehorse population mainly relies on overseas imports. Under the Hong Kong Jockey Club’s classifications, horses that have raced before arriving in Hong Kong are categorised as Privately Purchased Horses, commonly known as PPs. Unraced horses are classified as Privately Purchased Griffins, or PPGs. Horses purchased through the Hong Kong International Sale are generally listed by the Club as International Sale Griffins, or ISGs.
The main attraction of a PP is that its overseas racing record provides a basis for assessing its ability. In theory, these horses are also more mature and can begin racing in Hong Kong relatively quickly. However, as global bloodstock prices continue to rise, horses with high-level overseas form have become increasingly expensive. Some owners have therefore turned to lower-rated and relatively affordable PPs.
According to the Club’s existing requirements for Replacement Horse Import Permits, a PP imported under a standard replacement permit must be assessed at a Hong Kong rating of at least 63. The minimum rating for a Special Replacement Permit is 70. A rating of 63 is roughly equivalent to the lower end of Class 3. Although these horses can begin their Hong Kong careers carrying relatively light weights in Class 3, a low rating does not necessarily represent a major advantage. Instead, it may indicate that the horse has a limited ceiling in terms of ability.
Developments during the 2025/26 season once again showed that an increasing number of Hong Kong’s leading racehorses are being developed locally. Hong Kong Derby winner Invincible Ibis, for example, is a PPG. He began the season with a rating of only 55 before making rapid progress and winning five races during the campaign. He also set a new Hong Kong Derby record of 1 minute 59.43 seconds. By the end of the season, his rating had risen to 112, while his seasonal earnings exceeded HK$24 million. He was one of the clearest examples of a horse progressing through the lower classes to reach the top level.
Romantic Warrior arrived in Hong Kong without having raced overseas and was purchased through the Hong Kong International Sale. He continued to dominate Group 1 races during the 2025/26 season, earning more than HK$74 million during the campaign and taking his total prize-money beyond HK$288 million. The success of such horses shows that, under Hong Kong’s rating system, beginning in the lower classes and progressing gradually can help a horse adapt to the tracks, pace and racing patterns at Sha Tin and Happy Valley.
There is nothing wrong with owners purchasing PPs at a lower initial cost, but a cheaper purchase price does not necessarily mean lower overall expenditure. After arriving in Hong Kong, a horse still incurs transportation, quarantine, training and stable expenses. A horse that fails to compete effectively or earn prize-money over an extended period may eventually prove to be poor value.
In contrast, although a PPG arrives without an overseas racing record, owners can select a young horse with suitable breeding, physical attributes and potential for further development before placing it with a Hong Kong trainer to be prepared specifically for local racing.
The results of the 2025/26 season do not suggest that PPs are necessarily inferior to PPGs. The real issue is that there are currently too few PPs arriving in Hong Kong with genuine top-level potential. Lowering the minimum import-rating requirement may provide owners with more choices, but it could also lead to greater inconsistency in the overall quality of imported PPs. Finding the correct balance between affordability for owners, the supply of horses and the standard of Hong Kong racing will remain an important issue for the Club.
For Hong Kong racing to maintain its international competitiveness, it needs not only stars such as Ka Ying Rising and Romantic Warrior, who were developed locally after arriving as unraced horses, but also more PPs with genuinely high-class overseas form. The import threshold can determine whether a horse is eligible to enter Hong Kong, but what ultimately matters is whether it possesses enough ability to establish itself in one of the world’s most competitive racing environments.