He raced in Australia as Ted and won two of his three starts from the Sunshine Coast stable of Stuart Kendrick before his sale to Hong Kong.
Ping Hai Star is now trained by John Size, who sent the horse into the Sha Tin feature off the back of an easy win over 1400m.
"The last time he raced, I saw something that I liked about him as far as a Derby prospect was concerned," Size said.
"He came from the tail of the field, he settled quite nicely, he was very happy to reel off some quick sectionals at the end of the race.
"The only gamble was whether he was fit enough and had the stamina to run 2000m with his inexperience.
"I backed him up quickly into a trial at Happy Valley and I was very satisfied with all that and then it was just a matter of coming to the races and hoping that the race unfolded and was run to suit him."
Under jockey Ryan Moore, Ping Hai Star again came from the back of the field for the sixth win of his 10-start career.
"It wasn't really the plan to be that far back at all," Moore said. "I just felt I'd ride him with lots of confidence. I believed before the race that he was the one horse that could have more class than anything else in the race and I think that showed.
"He's just a high quality horse with a very good turn of foot."
- NZ Racing Desk