After two Happy Valley race meetings, six horses with 12 points each jointly lead the Happy Valley Million Challenge. There will be at least two more joint leaders after racing on Wednesday.

Races 7 and 8 of Wednesday meeting are both included in the Million Challenge, in which the Hong Kong Country Club Challenge Cup, the final event, is a Class 3 race over 1000m carrying HK$700,000 prize money. Mrs Joseph Pang, wife of the Chairman of the Hong Kong Country Club, will present the Challenge Cup and a miniature to the winning owner after the race.

Racing in Hong Kong turned professional in the early seventies. At that time, the Hong Kong Country Club along with a number of prominent local Clubs supported this transition by donating trophies to the Jockey Club. The Hong Kong Country Club Challenge Cup was first run on 12 January 1974 and it has since been competed for annually.

For the Million Challenge, which comprises all Happy Valley races of Class 3 or above up until 31 December 2003, points will be awarded according to the following system: winner 12 points, second 6, third 4, fourth 3, and fifth 2. The list of the 10 leading contenders will be published after each Happy Valley meeting.

When the competition ends at the last Happy Valley meeting in December 2003, a total bonus of HK$1,000,000 will be awarded to the owners of the three horses with the highest accumulated points. The top horse will receive $650,000 and a trophy; the second will receive $250,000 and the third $100,000.