The Queen Elizabeth II Cup was first run in Happy Valley in 1975 and became an international event in 1995 with runners representing Australia, France, Great Britain, Hong Kong, Japan and the United Arab Emirates that year. Since 1999 the race has been proudly sponsored by Audemars Piguet. The Audemars Piguet QE II Cup became an International Group One event in 2001 and was part of the defunct World Racing Championships (former World Series Racing Championship) since 2002.

In 2002, a special bonus of HK$1 million was presented to Mr Toyomitsu Hirai, owner of Eishin Preston (JPN) after its triumphant success in the 2001 Hong Kong Mile and the Audemars Piguet QE II Cup in the following year.

Although Eishin Preston successfully defended his title in the 2003 renewal of the AP QE II Cup but failed to take home the special bonus for the second time when he ran below par in the 2002 running of the Hong Kong Cup. Up to 2008-09 season, Eishin Preston remains as the only special bonus winner.

One very interesting fact about the Hong Kong International Races and QE II Cup double, back in 1998/99 season French invader Jim and Tonic under Gerard Mosse easily captured the Hong Kong International Bowl (later Hong Kong Mile) over 1400m and the inaugural Audemars Piguet QE II Cup over 2000m and became the first 'unofficial' double winner of these two distinguished race minus the special bonus.

Jim And Tonic's second attempt on capturing the special bonus fell short by a short-head to the local rising star Industrialist in the 2000 running of the AP QE II Cup after his emphatic three-and-three-quarter victory in the 1999 Hong Kong Cup under his regular partner Gerard Mosse.

No doubt the AP QE II Cup has captured the attention of international owners and trainers in the last decade, it has become an important race for many top-class champions such as Vengeance of Rain, Irridescence, Viva Pataca, Archipenko etc. all went on winning bigger races after taking down the AP QE II Cup.