Shadowfaxe's health issues flared last time out when beaten as a short-priced favourite but the lightly-raced four-year-old has only to stay sound to be the one to beat in the Cricket Club Valley Stakes (1,000m) at Happy Valley tonight, reports Racxing Post HK.

The John Size-trained gelding has had nearly as many bleeding episodes as he has had races, with one official bleed in early 2014 before he ever saw the racetrack, and another in December that kept him sidelined for several months.

The latest was not an official episode but he did show signs of internal bleeding after his fifth to Smart Declaration last month in a similar assignment.

And in the middle of all that, Shadowfaxe (Karis Teetan) went around unimpeded and showed his real talent in thrashing a Class Four field in April with a terrific display of sheer speed.

That is our point of reference in assessing him tonight, as the horse he was that night will be deserved favourite to win tonight's race. He has a light weight and a low draw, even if there is some other speed around him at the gates.

The pace looks the inside handful of barriers and Brillante, drawn inside him at the start, is certainly quick enough to go with Shadowfaxe early but he doesn't seem to be in the form to still be there at the finish after being terribly disappointing in the same Smart Declaration race last time without much excuse.

Another very disappointing horse has been Imperial Champion (Brett Prebble) but don't sell the former Australian galloper short tonight as he sees Class Three for the first time. He arrived too high in the ratings off handy three-year-old form in Sydney and had his own health issues, as a four-year-old and again this season, which prevented Caspar Fownes getting Imperial Champion to fire.

Nevertheless, he has registered a couple of useful second placings behind smart Peniaphobia and also Berlinski in Class Two and dropping to the easier grade might see him produce more of that sort of form and make him a winning chance.