[Photo provided to China Daily]

The festival will also work with Wuhan Business University to offer undergraduate programs that nurture more expertise in the thoroughbred racing industry with overseas financial and technical resources.

The university is the first college in the Chinese mainland with equestrian majors. About 600 students have graduated from the school since 2008, says Li Zuoqing, president of the university.

Teo adds that this new start will possibly change into curriculum and internship programs in more schools in future.

Teo founded the China Horse Club in 2012 to promote a lifestyle closely connected to horse racing for Chinese elites. The thoroughbred industry has stirred great interest among Chinese investors since then.

"We see today a genuine interest from Chinese people for equestrian sports," says Juan-Carlos Capelli, vice-president of Longines, the major timekeeper in the global equestrian industry, who is also one of the sponsors of the China Equine Cultural Festival.

"Indeed, the number of spectators attending and Chinese riders participating in these events (race meetings) is significantly increasing."

Though China's horse-industry authorities say they have no details on how many private horse owners the country has, Teo predicts the number will grow.

Teo's horse club has more than 200 members, compared with less than 40 when it was founded.

"Three years ago, most Chinese buyers were humble, and are maybe willing to pay 100,000 yuan ($15,700) buying a racehorse from overseas. But now, some are willing to pay 400,000 Australian dollars ($284,000)."

Prize money is obviously a strong attraction for those who invest in horses, not least because it helps cover the considerable expenses in employing trainers and jockeys, he says.

He once offered a 1 million-yuan prize for a race during the 2013 festival in Hohhot, which was a record in the Chinese mainland. The highest prize in Wuhan is 500,000 yuan.