Yulong’s notable Easter absence opens up market opportunities for others

American investor John Stewart and breeder-come-$10-million-filly-owner Debbie Kepitis were the buyers who created the headlines at the Inglis Australian Easter Yearling Sale, but the complete lack of investment from the biggest player at the sale last year did not go unnoticed.

Yuesheng Zhang, the billionaire owner of the burgeoning Yulong outfit, spent close to $12 million at Easter last year across 24 yearlings, but was nowhere to be seen at the Riverside Stables this week.

Zhang, whose investments in racing and bloodstock interests under various banners have topped $300 million over the past five years, was present at the recent Inglis Classic and Premier Sales, but when it came to the most elite yearling sale in the country, not only was he not to be seen, he also didn’t spend.

If there was any doubt that Yulong was entering a consolidation phase after its extraordinary pace of expansion over the past few years, then it was erased as the Yulong table, headed by general manager Vin Cox, kept its bidding hand down, reserving its participation to its role as a vendor.

Yulong did generate $7.3 million in sales across 19 Lots sold, including a top price of $900,000, and that black ink will be handy for the accountants given how much has been invested by the company in recent times.

It also passed in nine horses, including four that had reserves of $500,000 or more. They included the Written Tycoon filly out of 14-time Group 1 winner Melody Belle, the colt by the same sire out of Group 1 winner Viddora, as well as a Frankel filly out of a prodigious European family and the Zoustar half-sister to Glenfiddich.

We can assume that having not met their reserve then that quartet will be trained to race in Yulong’s increasingly successful green and white colours. It could be a big weekend for those colours with million-dollar imported mares Via Sistina and Place Du Carrousel flying the flag in the Queen Elizabeth Stakes at Randwick on Saturday.

In recent months there has been increased sensitivity, both from within and outside of Yulong, about discussion of Zhang’s investments in Australia. Bloodstock has been acquired under a variety of names, including Cox’s YLP Racing, over the past 12 months.

Inglis offered a “no comment” on Zhang’s lack of participation at Easter, with the only reference that it was delighted to have exceeded last year’s metrics given the biggest buyer of 2023 was not active.

Cox told The Straight earlier this year that there would be a broodmare reduction of around 100 in 2024, as part of the usual cycle of sorting the wheat from the chaff and capitalising commercially on desirable pregnancies.

What Yulong’s absence at Easter did do is foster some confidence from bidders who had often played second fiddle to them at yearling sales over the past couple of years.

There were 211 individual buyers this year, compared to 199 last year, while there were six buyers who purchased seven or more yearlings, compared to four in 2023.

This year’s biggest spender at Easter was the Newgate’s colts syndicate, which also includes China Horse Club, Go Bloodstock and Trilogy.

They purchased 11 colts worth $9.165 million, their biggest ever spend in a colts partnership at Easter. Those buys included three colts above $1 million including $1.55 million for a Zoustar colt, Lot 328, their most expensive ever yearling colt purchase.

The proliferation of investment from colts funds that we saw during the pandemic bloodstock boom has settled down but that seemed to allow Newgate/CHC to get more of the colts they wanted in what was an aggressive strategy.

They had already purchased 12 at the Gold Coast In January, taking their total investment across both sales to $15.6 million.

China Horse Club/Newgate colts syndicate spend at Easter Yearling Sale

Another buyer whose investment surged this Easter was bloodstock agent Dean Hawthorne. Hawthorne buys for a few clients, including Victorian-based Jonathan Munz, while he was also representing a newly formed colts syndicate of indeterminate origins.

Hawthorne purchased 11 yearlings under his own banner, seven fillies and four colts, for just under $6 million, while he added three colts together with the Alpha Syndicate for a total of $2.15 million.

Stewart’s Resolute Racing entered the Australian bloodstock scene in emphatic fashion with six buys, four fillies and two colts, for $5.44 million, including the $3 million daughter of I Am Invincible and Booker.

The number of yearlings purchased by Australia’s biggest trainers at Easter fell, with Chris Waller’s, under his own name or in partnership, falling from 14 to 10, while Ciaron Maher’s number dropped from 11 to 10.

Gai Waterhouse and Adrian Bott’s numbers increased from 11 to 17, while Annabel Neasham’s yearling purchases fell from five to three.

Yulong wasn’t the only notable absentee for the buyers’ sheet. Cox’s old employer Godolphin drew a blank, while Bon Ho’s Legend Racing, who purchased nine horses at Easter last year, only signed for one in partnership with Les Bridge.

Easter sale hits new heights thanks to record-breaking fillies

A record-breaking Inglis Australian Easter Yearling Sale set new marks for sale average, highest-priced lot and median, with the final day dominated by the $10 million yearling daughter of champion mare Winx.

The StraightBren O’Brien