Australian stayer Douro Valley has finished unplaced behind Doctor Dino in the Cathay Pacific Hong Kong Vase on Sunday.
Jockey Darren Beadman gave Douro Valley every chance from a wide barrier as the underrated galloper settled third on the rails in a slowly run affair.
But upon straightening, Beadman asked Douro Valley to quicken and the Danny O'Brien-trained galloper failed to run on as expected to finish in the middle of the field.
Trainer Luca Cumani suffered more heartache as Purple Moon was denied in the final stride by Doctor Dino after looking home with 100m to run.
Purple Moon finished runner-up in the Melbourne Cup last year and put a disappointing run in the Japan Cup last time well behind him with a sterling show.
Jamie Spencer moved the five-year-old into a prominent position two furlongs from home but all the big guns were poised to challenge.
Doctor Dino, trained by Richard Gibson in France, is well used to travelling and won the Vase 12 months ago.
Spencer looked to have nicked the race on Craig Bennett's charge, who had a spell hurdling with Nicky Richards.
However, Peslier got a great tune out of Doctor Dino, who came from well back with Jaguar Mail.
And it was agony for Cumani as Doctor Dino was given the verdict by a short-head with Jaguar Mail a head away in third.
Cumani, who also had the disappointment of losing the Melbourne Cup in a photo finish last month, was trying to put a positive spin on things after the race.
Cumani said: "I am delighted to know that he belongs at this grade. It was his first time in a proper Group One and he is only going to improve."
"We'll go to the Sheema Classic in Dubai next."
"We would have preferred a stronger pace, it was quite a slow race."
"Jamie had a very good position, but it cost him when the grey (Douro Valley) came up alongside him and made him break early."
"If the grey had gone a furlong later, he could have saved some energy and defended to the line."
"It is frustrating but when a horse runs a good race I am always very happy."
Mick Kinane, who was on board Jaguar Mail, said: "It was a good run. I would have liked a bit more pace but I wasn't in a position to do much about it. I can only deal with what there was. He has done really well."