New Hong Kong group set to ramp up Australian presence under McGrath’s guidance
Shen You Holdings recruits Tony Fung’s right-hand man to lead thoroughbred investment
Shane McGrath, one of the key figures behind Tony Fung’s huge Aquis Farm operation over the past five years, will take charge of a rival Hong Hong equine investment group’s plans to play a much bigger role in Australia’s booming thoroughbred racing and breeding industry.
The Irishman, who previously held senior roles at Eliza Park and Coolmore Australia, last night announced that he had been appointed by Shen You Holdings Limited to ramp up its involvement in both stallions and broodmares, as well as to oversee its planned significant racing presence.
McGrath, as Shen You Holdings executive director, will remain based in Australia but he intends to travel regularly to Hong Kong to meet with Shen You Holdings investors, who already have a foothold in the industry, as well as explore international opportunities on behalf of the group.
“Shen You Holdings have big plans and, from an industry point of view, to have another big player arrive, it just shows you how strong everything is (in the Australian market),” McGrath told ANZ Bloodstock News last night.
“They’ve got a reasonably significant bloodstock portfolio at the moment, but they are looking to expand on that and I think the timing’s perfect leading into the Magic Millions.”
Shen You Holdings, a Hong Kong investment company which is connected to Josiah Ma, was active at this year’s Magic Millions National Sale where it bought eight broodmares as well as purchasing two shares in champion first season sire Extreme Choice (Not A Single Doubt) at $220,000 each as well as shares in Kitchwin Hills’ Sooboog (Snitzel) and Yulong’s Grunt (O’Reilly).
Soon after, the group also purchased Members Joy (Hussonet), the dam of dual Group 2 winner Pure Elation (I Am Invincible), for $800,000 through an Inglis Digital auction and landed another mare at an August online sale.
During his time at Aquis Farm, McGrath selected Golden Slipper- (Gr 1, 1200m) winning colt Farnan (Not A Single Doubt) as well as fellow Group-winning colts Dubious (Not A Single Doubt), Anders (Not A Single Doubt) and Prague (Redoute’s Choice), all as yearlings.
McGrath has been in talks with directors for a number of weeks about the prospect of taking on the role.
The lucrative colts market will be a significant angle McGrath will be exploring at the direction of Shen You Holdings, a similar plan to which he successfully exploited while at Aquis Farm and Tony Fung Investments.
This year alone, under the Tony Fung Investments banner, McGrath signed for more than $20 million worth of bloodstock which has either been purchased outright or in partnership.
As to what level McGrath will be playing in the market with the backing of Shen You Holdings, he was non-committal last night, other than to say: “I’d be like a marked man if I said that (figure), but they’re going to be active, that is one thing for sure.”
McGrath said he was grateful for the opportunities Fung and his son Justin had provided him during his stint working for the family.
“It’s been a huge thrill. Whether you look back at Derby Day at Flemington in 2018, when Extra Brut won the Derby, along with Sunlight and Fundmentalist for Mr Fung or you look forward to the future with the likes of Mo’unga and Bruckner, I have no doubt the Aquis colours will remain synonymous with Group 1 success,” he said in a statement.
“I will forever be grateful for the opportunity afforded to me by the Fung family and the Aquis Group. They always showed great faith in our selection process, and we have cherished every success along the way.
“When this opportunity presented itself, I could not consider the role until I had spoken to Mr Fung. He has been incredibly good to me and my family and we have parted ways as friends and with his blessing.”
McGrath, who has been undertaking on-farm yearling inspections in the Hunter Valley, will start with Shen You Holdings prior to the Magic Millions Yearling Sale on the Gold Coast in January.