Arguably the largest investor in Australian racing is set to leave Europe.
It was announced on Thursday night Australian time that Yulong Investments will exit its European racing operations from January 1, 2026, with horses previously racing under the name of Chinese billionaire Yuesheng Zhang to transfer to new ownership structures.
Though stepping back from racing under the Yulong Investments name in Europe, Zhang’s wider equine interests remain somewhat through Ace Stud, a breeding and racing entity managed by his son-in-law Harrison Li. Both Ace Stud and Forz Europe are controlled by Zhang’s daughter, Yuefang Zhang.
Rumours persisted throughout 2025 that Yulong may wind back their investment in Australia, as well as speculation about Zhang’s ability to travel to Australia.
Zhang is due in Australia for the Magic Millions sale within weeks.
“The rumours are a little bit out of control. Yes, he will be back in Australia at that time, for the Magic Millions,” the Yulong boss’ son-in-law Jun Zhang said.
“We will be a vendor there and we will be buying some yearlings there as well.”
“The reason why he couldn’t join the spring carnival is that he has a big job in China and he stayed in China to manage his company.”
“Yes, he is free to travel outside of China. We will see him back to Australia soon, he loves to see the (stud) farm and he loves to see the horses.”
Paul Curran, racing and bloodstock manager at Ace Stud, said the move signals the next chapter for the family’s European operations.
“Launching our Ace Stud racing silks at the beginning of the new year marks an exciting future for Harrison Li and his vision for Ace Stud,” Curran told racingpost.com.
“We have some top-class runners to look forward to next year, including Classic prospect Gewan.”
Zhang’s presence in European bloodstock has grown significantly in recent years, including major stud acquisitions near Newmarket. In December, the broodmare band from Ace Stud was relocated to Shadwell’s historic Nunnery Stud, leased from the late Sheikh Hamdan Al Maktoum’s estate.
Zhang also made headlines at the Tattersalls December Mares Sale by purchasing Group 1 winner Barnavara.
