The Queen Elizabeth II Cup was first run at 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 taking part in 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, in 2002 becoming part of the now defunct World Racing Championships (former World Series Racing Championship).

Also in 2002 a special bonus of HK$1 million was presented to Mr Toyomitsu Hirai, owner of Eishin Preston (JPN), after that horse had completed a triumphant double by adding success in the Audemars Piguet QEII Cup to his victory in the 2001 Hong Kong Mile.

Although Eishin Preston successfully defended his title in the 2003 renewal of the APQEII Cup he failed to take home the special bonus for the second time when running below par in the 2002 Hong Kong Cup. The bonus is still available to any horse who can win the APQEII Cup and any race at the Cathay Pacific HK International meeting either consecutively or in the same year but Eishin Preston remains its only winner to date.

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

Jim And Tonic's second attempt at capturing the special bonus failed by just a short-head when, following his emphatic three-and-three-quarter victory in the 1999 Hong Kong Cup under regular partner Gerard Mosse, the Gallic globetrotter was edged out by local rising star Industrialist in the 2000 running of the APQEII Cup.

The horse with the greatest APQEII record though is undoubtedly Viva Pataca. Hong Kong’s greatest ever prize money winner has run in the race for the last five seasons, finishing second in 2009, third in 2008 and emerging victorious in 2007 and 2010.

Perhaps the strongest international supporter of the race has been South African trainer Mike de Kock who sent over his first APQEII runner in 2004 and has not missed a year since. He has won the race twice, with Irridescence in 2006 who was ridden by Weichong Marwing and Archipenko in 2008, the mount of Kevin Shea.

There is no doubt that the APQEII Cup has captured worldwide attention from owners and trainers in the last decade. Many top-class champions including Vengeance of Rain, Irridescence, Viva Pataca and Archipenko have all continued to build their reputations after taking the APQEII Cup; and the great mare Ouija Board, following her defeat by two heads in the APQEII of 2006 which cost her the bonus after her Vase victory the previous year, went on to her second triumph at the Breeders’ Cup.