Theodore Racing (徳利賽車隊香港) was a Formula One constructor from Hong Kong founded by real estate magnate and millionaire Teddy Yip. They participated in 51 grands prix, entering a total of 64 cars.
In the present day Theodore Racing is an international motor racing team owned by Teddy Yip Jr. competing in the Macau Grand Prix with a Junior Team contesting the Japanese Super FJ Series.
Following its last race in 1992, the team made a successful return to racing at the Macau Grand Prix in 2013 under Teddy Yip Jr., owner of GP3 team Status Grand Prix.
Theodore Racing has won a record eight Macau Grands Prix - two as an independent team with Vern Schuppan and Geoff Lees; and six as a technical support team with drivers such as Alex Lynn and Felix Rosenqvist.