Racing no longer just business for passionate Aquis Farm owners Tony and Justin Fung

It has taken just five years for Aquis Farm to make its presence felt in Australia’s racing and breeding industry and owners Tony and Justin Fung say success has come quicker than expected.

Tony Fung (left) and his son Justin with a Not A Single Doubt filly Aquis Farm paid $580,000 for at Thursday’s Magic Millions sale. Picture: Luke Marsden

Tony Fung originally started investing in Australian bloodstock to satisfy his son Justin’s passion for horses and now he himself has become hooked on racing as the family’s Aquis Farm brand reaches across the country.

No entity has spent more money on bloodstock at public auction in Australia in recent years as Aquis.

After buying a property at Canungra in 2015, the Hong Kong-based Fung family now stand 14 stallions for Aquis across farms in three states, have a broodmare band approaching 200 and a similar number of horses in training.

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On Saturday they have links to five horses in the Magic Millions 2YO Classic, including promising colts Farnan and Rathlin, who both race in the company’s aqua silks.

Tony, who made his name in global financial services and property development and investments, says Justin’s love of racing from a young age was the reason he made the move into bloodstock.

“(Justin’s) interest started when he was a very young boy. He liked horses and he got me into looking into the horse industry as a business,” he said

“We are trying to build Aquis up so we are a serious participant in the industry.”

Tony Fung (left) and his son Justin with a Not A Single Doubt filly Aquis Farm paid $580,000 for at Thursday’s Magic Millions sale. Picture: Luke Marsden

The racing and breeding industry have seen countless new ventures arrive on the scene, spend a fortune and disappear just as quickly.

When Aquis started spending five years ago, many suspected it would go a similar way, but Fung says it’s here to stay.

“Yes. I think looking into the future, as a businessman you look at the business and this is a very good business. We are learning the ropes now,” he said.

“Our training is good, our racing department is phenomenal. So everything pieced together, we’ve been working very hard, we’ve been lucky and there’s a strong correlation between those two.”

Justin said the timeline was “more conservative” to become as big as Aquis was now, but early successes fast-tracked the grand plan.

“We found opportunities to enter the Hunter Valley and we planted our foot much faster than we originally thought, but when we were able to seize opportunities we did so and that’s what’s put us where we are,” he said.

Magic Millions 2YO Classic contender Rathlin. Picture: Trackside Photography

In addition to its racing and breeding investments, Aquis partnered with the Gold Coast Turf Club to have naming rights at the track and Magic Millions managing director Barry Bowditch said the company’s investment in Queensland was taking the state to a new level.

“As a newcomer, as a foreigner, the most outstanding thing is that I was expecting some pushback and the reality is we are very welcome,” Tony said.

“This is just astonishing. It speaks about the big picture of Australia and how open minded the Australians are and how open minded, open door, the industry is.”

Tony said “he was excited” Aquis had links to five horses in Saturday’s Classic.

“Oh gosh. The fact you are talking about those numbers, my heart is pounding,” he said.

“Three years ago the race was won by Houtzen, who we own now. Then it was Sunlight. My wife part-owns that horse. We came in second last year (Dubious). A bit of luck we will do something spectacular come the weekend.”

Justin was entrusted with the barrier draw on Tuesday and three runners ended up with shocking draws, so he gave a big fist pump when he pulled out gate five for the most fancied of the Aquis runners, Farnan.