Hobby Horses

Paul Yeung Reuters

Hong Kong horse racing is a thrilling sport that few can afford to join

For William Lo, investing in a thoroughbred racehorse is comparable to buying a vintage Bordeaux. An executive for a Hong Kong–based chain of fashionable clothing stores, Lo has been dabbling in both assets for the better part of a decade, and he samples the nose of his wines with the same enthusiasm he reserves for cheering on his charger as it storms a nose ahead. But he knows there's one big difference: "At least with wine," says Lo, "there's a good chance of getting your money back."

Racehorse owners, on the other hand,...

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