The Racing Committee of The Hong Kong Jockey Club (The Club) approved reductions to the minimum Hong Kong ratings for all categories of Private Purchase (PP) permits with immediate effect.
New Minimum Ratings for all PPs
The new Hong Kong minimum ratings have been reduced by five points. A Normal PP or a Normal Replacement has been reduced from 68 to 63 while the standard Special Replacement Permits were reduced from 85 to 80. The minimum rating for a 3-year-old, which has not raced more than five times, has been reduced from 80 to 75, and the same applies to an owner using a Special Replacement Permit for the first time.
“The Club conducted a holistic review of the overall structure of the horse population to address the parity between PPs and Private Purchase Griffins [PPGs] as well as market conditions,” said Andrew Harding, the Club's Executive Director. “It is important to note that the new minimum levels of initial racings will not reduce the required level of ability in the assessment of overseas horses to qualify for import to Hong Kong. We will not compromise on quality. These changes are intended solely to improve the value proposition for horse owners importing PPs and increase the competitiveness of these horses as they make the transition to Hong Kong.”
High Achievement Bonus
The Club will also introduce a two-tiered plan to the popular High Achievement Bonus at the start of the new season, which offers a premium to horses imported on a Hong Kong rating of 75 or higher. Owners of a PPG and Owners of a PP with an initial rating of 74 or less are eligible for a one-time High Achievement Bonus of $1 million if successful in a Class 2 race when rated 80 or higher before five years of age. Within the same time frame, an additional $500,000 will be awarded if the horse subsequently wins an unrestricted race in Class 1 or above when rated 100 or higher. International Sales Griffins (ISGs) are also eligible for this bonus scheme.
The owners of a PP with an initial rating of 75 or higher are eligible for a one-time High Achievement Bonus of $1.5 million if successful in a Class 2 race when rated 80 or higher before reaching 5 years of age. Within the same time frame, an additional $1.5 million will be awarded if the horse subsequently wins an unrestricted race in Class 1 or above when rated 100 or higher. This raises the potential Owner bonus for highly-rated PPs from $1.5 million to $3 million, in addition to the recently-announced increases in prize money.
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