The race was run through heavy fog, with huge spells of the race not visible to those in the stands or watching at home.
Amateur, No Hubs No Hoobs and Your Own Story made the early running, with Val Dancer and Jubilee Express in close proximity.
Amateur had built up a six-length lead going into the back straight, but when the horses reappeared four jumps later the field was bunched together.
The order changed very little through the first circuit and a half, though Where It All Began became slightly detached at the rear of the field.
As the field approached the home straight for the final time Val Dancer and 2021 winner Iwilldoit had moved ahead.
Jubilee Express, Galia Des Liteuax and Classic Concord were in hot pursuit, as was Where It All Began who had moved through the field.
Approaching four out Where It All Began looked to be the biggest threat to the leading pair, but blundered at the fence so badly the horse was pulled up soon after.
Jumping the last it appeared to be a two-horse race, but Jubilee Express found an extra gear in the final half furlong.
With each stride Jubilee Express was making ground on Val Dancer, but the finish line came too soon for the Welsh-trained horse.
Photo: Hong Kong Jockey Club This season for Hong Kong races we are using our Hong Kong AI analysis developed for Horse Racing Nation
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