The Longines Hong Kong International Races will be worth HK$118 million next season after the Jockey Club announced an increase of HK$2 million for each of the four Group One contests on the city’s premier race day.

The Hong Kong Cup continues to be the city’s richest race and will be worth HK$36 million, while the Hong Kong Sprint jumps to HK$26 million, the Hong Kong Mile to HK$32 million and the Hong Kong Vase to HK$24 million.

An increase of at least HK$1 million for Hong Kong’s eight other elite-level events ensures the city boasts the world’s richest Group One turf races over 1,200m, 1,400m, 1,600m and 2,000m.

“The Longines Hong Kong International Races continue to be widely recognised as the ‘Turf World Championships’ and the HK$118 million total prize money on offer next season also underscores the club’s commitment to attracting and rewarding the world’s best horses and their connections,” said Jockey Club chief executive Winfried Engelbrecht-Bresges.

“With growing competition around the world, it’s crucial Hong Kong’s two international race days – Longines Hong Kong International Races and FWD Champions Day – continue to be destinations of choice for owners, trainers and jockeys from around the world.

“As we saw in December with the successful staging of the Hong Kong International Races and again with [the recent] FWD Champions Day meeting, these prestigious international meetings allow us to showcase Hong Kong’s world-class racing on the global stage.”

The latest announcement, which also includes significant stakes increases for Group Two and Group Three contests, follows recent confirmation Hong Kong’s domestic prize money will rise by 8 per cent for the 2023-24 season.

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“Before the 2022-23 season, we undertook a thorough review of our prize money and incentive structure and decided then to commit to continuous investments into the future, which has resulted once more in the significant prize money and additional incentives outlined over the past two weeks,” said Jockey Club executive director of racing Andrew Harding.

“Providing attractive incentives and increasing returns on investments for our owners are central to these enhancements, and we believe these increases will provide additional support proportionate to their investments.”