Ka Ying Rising's winning streak ended at 21 races on Saturday when the Hong Kong champion was beaten by a short margin by Tempted in The Everest at Randwick.
Tempted, trained by Ciaron Maher and ridden by Chad Schofield, has won all five of her starts since finished runner-up to Ka Ying Rising in last year's Everest. Her win handed Ka Ying Rising his first defeat in 1,000 days.
The second favorite jumped cleanly from barrier one and raced closer to the pace than expected. Zac Purton was stuck wide on Ka Ying Rising through the turn, and the David Hayes-trained gelding, the short-priced favorite, closed fast in the straight to finish second. Joliestar was third for Chris Waller and James McDonald.
Tempted won the A$20 million race in 1:08.21 on a track that had withstood nearly 100mm of rain during the week but was upgraded to a "Soft 5" on raceday.
"The first and third horse had dream runs and we had a horror run, being six wide with no cover, but he was brave," Hayes said. "I love the way he finished, but I hate the result."
Hayes said the barrier draw had cost the world's highest rated racehorse.
"We didn't expect him to be there but it was the barrier. Sometimes barrier 11 can be a bonus, but he was very wide," he said. "He settled a bit further back than we thought he would, and if we had to take a positive out of it, he was in front one stride after the post."
Hayes said the track was not to blame.
"The ground was absolutely perfect. It was the barrier. We thought the barrier would be a bonus, but it turned against us," he said.
He also praised the winner. "The winner had such a beautiful run. Well done, she has had a big spring," Hayes said.
Hong Kong Jockey Club chief executive Winfried Engelbrecht-Bresges also gave the winner credit.
"She obviously loves the track, the going, and it was a brilliant ride from Schofield," he said.
Ka Ying Rising was last beaten when Wunderbar, ridden by McDonald for John Size, edged him out by a short head in a Class 3 handicap over 1,200 meters at Sha Tin on January 21, 2024.
The defeat denied Ka Ying Rising the chance to join Redzel, the 2017 and 2018 winner, as the only horse to win The Everest twice.
Hayes left the door open for a return.
"The season is only just getting started and maybe we will come back next year," he said.
Asked whether Ka Ying Rising could return for a third Everest, Engelbrecht-Bresges said: "Why not?"