It is run over a distance of 2000 metres (about 1+1⁄4 miles or 10 furlongs) at Sha Tin, and it is scheduled to take place each year in mid December.

The race was first run on 24 January 1988, and its distance was initially set at 1800 metres.

[citation needed] The inaugural running was restricted to horses trained in Hong Kong, Malaysia and Singapore.

Horses trained in Europe were admitted in 1990, followed by those from the United States in 1991, and Canada and Japan in 1992.

The Hong Kong Cup is one of the four Hong Kong International Races, and it presently offers a purse of HK$36,000,000 in 2023-24 (approximately US$4.6 million), making it not just the richest race in Hong Kong but also the richest 2000 metre Turf race in the world.