Latest news with #Yiu
RTHK
6 days ago
- Business
- RTHK
Legco passes bill to raise air passenger departure tax
Legco passes bill to raise air passenger departure tax An increase in the air passenger departure tax is expected to generate an extra HK$1.6 billion in government revenue per year. File photo: RTHK Lawmakers on Wednesday passed a bill to raise the air passenger departure tax from the current HK$120 to HK$200 from October. The bill was supported by 77 lawmakers, while two voted against it and five abstained. Undersecretary for Financial Services and the Treasury Joseph Chan said the authorities earlier accepted a recommendation by lawmaker Perry Yiu that passengers who fly in and out of Hong Kong within 48 hours be exempt from the charge. But officials rejected Yiu's suggestion to only increase the departure tax to HK$160. Yiu, who is also an Airport Authority board member, said Hong Kong faces a lot of competition from other nearby airports. "With the three-runway system, the target is to serve 120 million passengers per year," he said. "It's a crucial time for Hong Kong to step up efforts to attract travellers and develop the tourism industry. Measures to raise the tax are contrary to this goal." Yiu voted against the bill. Other lawmakers who voted in favour described the tax increase as "reasonable" and "mild" when compared with fees at other airports. Frankie Yick, who represents the transport sector, urged the government to review the impact of the increased tax on the aviation sector, and roll out measures to enhance the airport's competitiveness. The increased duty is expected to raise an extra HK$1.6 billion for the government each year.
CNBC
28-04-2025
- Business
- CNBC
Fund manager owns just one Mag 7 stock after dumping Meta stake: ‘You have to pick the stock you really believe in'
Nvidia is in — and Meta is out. That's according to Stephen Yiu, co-founder and lead fund manager of London's Blue Whale Growth Fund. The fund held 29 stocks as of the end of March this year, with top holdings including Apollo , Nvidia, Broadcom and TSMC , and more than a third of its investments are in the technology sector. It employs a long-only strategy and has returned 139% since its inception in 2017, significantly outperforming the IA Global Sector average. Over the year-to-date, however, it's down 9.6% amid a broad slowdown in the tech sector. Selling Meta Speaking to CNBC's "Squawk Box Europe" on Monday, Yiu said the fund had exited its position in Meta – one of only two so-called "Magnificent 7" it owned, alongside Nvidia. Of those seven megacap stocks – Meta, Tesla , Nvidia, Alphabet , Microsoft , Apple and Amazon – Meta has sustained the smallest losses since the beginning of the year, losing around 6.5% of its value. "We do like the AI story on the back of Meta's user base of 3 billion users across Facebook, Instagram and WhatsApp," Yiu said on Monday. However, he argued that Meta's business model made the company particularly susceptible to the impacts of a U.S. or global slowdown, which was looking more likely amid mounting trade tensions. "A U.S. recession is going to impact the top line of the business, which is still 100% … digital advertising," he explained. For the Blue Whale fund, Yiu said the Meta exit was an "unusual" move. "Currently we're running just over 5% in cash on the back of the exit on Meta," he said, noting that usually, the fund's cash holding would be "close to zero." "This is a long-only strategy, so we'd normally be quite fully invested," he added. "Ultimately, the reason we don't own the Mag 7 outside Nvidia is because ... their return on investment capital profile is coming down." Retreat from discretionary goods The Blue Whale fund also downsized some of its other investments alongside cashing out of Meta, Yiu said. "We've also reduced some of our holdings, like in Nintendo , in luxury and some others that we think are going to see a bit of impact … the world stock market over a few weeks ago was down over 20%, I think people are going to [rethink] whether they're going to buy a new ski jacket from Moncler next ski season." In a note to clients last week, Yiu said the Nintendo Switch 2's $449.99 price tag combined with tariff uncertainty "raises questions about future demand." Shares of Nintendo rose after the console was announced — a reaction Yiu said the Blue Whale fund "took advantage of … to lower our exposure." Nvidia bull Reiterating a broad optimism toward AI, Yiu said the fund's management team preferred companies "on the receiving end of any spending." As such, Yiu and his team are bullish on chipmaker Nvidia, despite the company's stock shedding around 17% so far this year. "If you look at the Mag 6 outside of Nvidia that are spending over $300 billion [on AI], I would probably say about half of that will be going to Broadcom or Nvidia, which makes the company very profitable with free cash flow," Yiu said. He acknowledged that many market watchers had argued Nvidia is "a difficult stock to own now" as it has been caught up in the conversation around tariffs and international trade negotiations. However, Yiu argued that "you have to pick the stock that you really believe in long term, and you might need to ride out the volatility in between." Outside of the tech space, Yiu noted that other companies in the flagship Blue Whale fund's portfolio had reported "strong results" amid market volatility. Among them were life sciences firms Sartorius and Danaher , tobacco giant Philip Morris , semiconductor machinery maker Lam Research , and medical supplies manufacturer Biologix.
South China Morning Post
25-04-2025
- Sport
- South China Morning Post
Voyage Bubble can join elite group with Group One mile clean sweep
Ricky Yiu's stable star aims to emulate feats of Golden Sixty, Beauty Generation, Able Friend and Good Ba Ba in Champions Mile Ricky Yiu Poon-fai is adamant Voyage Bubble is on track to join an elite group of gallopers by clean sweeping Hong Kong's three Group One miles in a season when he tackles Sunday's Champions Mile. A brilliant winner of the Group One Hong Kong Mile and Group One Stewards' Cup in a stellar campaign, Voyage Bubble can join the likes of Golden Sixty (2020-21), Beauty Generation (2018-19), Able Friend (2014-15) and Good Ba Ba (2007-08) in dominating Hong Kong's top mile features. Yiu's stable star chases a fifth consecutive victory on Sunday, having also claimed the Group Two Jockey Club Mile first up and Group One Gold Cup (2,000m) last start in February. 'Voyage Bubble had a nice break and seems to still be a fresh horse,' Yiu said. CLASS PREVAILS! 🙌 Aiming to become the second horse to win Hong Kong's #TripleCrown after River Verdon in 1993/94, Voyage Bubble captures the second leg - @Citi Hong Kong Gold Cup - with @mcacajamez at Sha Tin... 🏆@WorldPool | #LoveRacing | #HKracing — HKJC Racing (@HKJC_Racing) February 23, 2025 'He had two barrier trials, one in Conghua and one in Hong Kong, and did both of them well and respectably. 'He just seems to keep improving, doesn't he? He's so relaxed and that makes him capable of running over the mile and further. It would not be surprising if he ran well over 2,400m – he's so relaxed.' Yiu isn't concerned by a wide draw in barrier 10, with the veteran handler hopeful superstar Kiwi jockey James McDonald can settle Voyage Bubble midfield and with cover. The six-year-old headlines an outstanding edition of the Champions Mile which also features nine-time Australian Group One winner Mr Brightside, fellow Australian Group One victor Royal Patronage, Japan's Gaia Force and other leading local hopes in Galaxy Patch and My Wish. 'I will leave [tactics] to the jockey – somewhere behind the main pace would be good,' Yiu said. 'Mr Brightside is a big contender. Of the local horses I like My Wish. His last few runs were phenomenal.' Voyage Bubble, who ran third to Beauty Eternal in last year's Champions Mile, could be set for another slice of history if he progresses to the Group One Standard Chartered Champions & Chater Cup (2,400m) next month. That would give him the chance to join the only winner of Hong Kong's Triple Crown in River Verdon, who won the Stewards' Cup, Gold Cup and Champions & Chater Cup in 1993-94. 'The way he shows us everything, we're pretty optimistic he'll handle the 2,400m in the Champions & Chater,' Yiu said. 'I would rather put him in over the mile [than Sunday's QE II Cup over 2,000m] – this is an easier task for him. He's had a quicker break and two months since his last start.' Yiu will also be hoping to cause another major upset in Sunday's Group One QE II Cup with Straight Arron, who is fresh from a shock victory in the Group Two Chairman's Trophy (1,600m). The six-year-old defied his $34.5 quote to storm home from last and narrowly beat Galaxy Patch. 'Straight Arron surprised everyone last time, he's done very well since and he's a horse who is still full of beans,' Yiu said. 'He'll run well in the QE II.' Matthew Poon Ming-fai retains the ride on Straight Arron after celebrating his career-best success in the Chairman's Trophy. Straight Arron ran a distant 10th in last year's QE II Cup behind Romantic Warrior for trainer Caspar Fownes when he was checked at the 1,400m. He joined Yiu's stable at the end of last season.
The Standard
22-04-2025
- Business
- The Standard
Airport departure tax hike faces legislative pushback
A proposed increase in Hong Kong's airport departure tax from HK$120 to HK$200, set to take effect in October, is facing unexpected opposition, with lawmakers warning it could damage the city's aviation competitiveness. The measure, included in this year's Budget to generate an estimated HK$1.6 billion annually, has drawn criticism across party lines during Legislative Council Bills Committee meetings. Tourism sector lawmaker Perry Yiu Pak-leung has been particularly vocal, calling for a lower tax of HK$160 while expanding tax exemption periods. "The sudden increase is too steep and undermines our airport's appeal, especially for budget carriers and transit passengers," Yiu said. Acknowledging the Financial Services and Treasury Bureau's acceptance of extending tax exemptions for transit passengers departing the next calendar day, he maintains that the overall increase remains problematic. The bills committee could enter clause-by-clause scrutiny as early as next Monday (Apr 28). Committee chair Lee Chun-keung confirmed that if Yiu's amendment passes, it would be presented to the full council under the committee's name. Several committee members have signaled support for moderation. Lawmaker Gary Zhang Xinyu argued for gradual increases, noting that: "What seems a small amount to some represents a significant pricing factor for budget travelers." Another member, Lam Chun-sing, urged balancing government revenue needs with maintaining Hong Kong's status as an aviation hub. Aviation industry representatives warn the tax could particularly impact the recovering budget airline sector and transit traffic, which accounts for 20 percent of the city's airport passengers. Lawmaker Rock Chen Chung-nin, also an Airport Authority board member, cautioned that while long-haul routes have largely recovered, future growth depends on attracting more budget carriers. Chen also suggested requiring Transport and Logistics Bureau representatives at future meetings to address technical questions as treasury officials seem to lack aviation policy expertise. However, some lawmakers believe little chance of further concessions on departure tax, given that the government has accepted the tax-free extension for transit passengers. Some pointed out that the tax increase has a minimal impact on the overall travel costs for passengers and the airport's competitiveness. (Ayra Wang)
Yahoo
19-04-2025
- Business
- Yahoo
Billionaire fund manager makes bold bets on Meta, Nvidia stock
It's been a rough go for tech stocks so far in 2025. The Magnificent 7's stellar returns over the past two years fueled big gains in the broader S&P 500 index, but mounting worries that a global slowdown could crimp corporate budgets have been a headwind this year. The S&P 500 has fallen 10% year-to-date in 2025, mainly because tech stocks, representing over 30% of the index, have tumbled. The pain has been widespread across tech-land, with large technology leaders like Nvidia and Meta Platforms being particularly hard hit, dropping 24% and 14%, sell-off in technology stocks has caught the attention of global investors, including Stephen Yiu, who manages money for billionaire Peter Hargreaves, founder of U.K. financial services giant Hargreaves Lansdown. Yiu's Blue Whale hedge fund is particularly dialed into technology, given that about 40% of the fund's roughly $1.5 billion in assets are invested in the sector. The hedge fund's size and tech-stock focus make Yiu's moves, including his latest bets on what will happen to Nvidia and Meta Platforms stock next, worth watching. The technology industry has been a big beneficiary of a flood of investment into artificial intelligence. After OpenAI's ChatGPT became the fastest app to reach one million users when it was launched in 2022, companies poured massive sums into developing their own large language model AI chatbots and agentic AI flurry of AI interest has correspondingly encouraged a staggering overhaul of enterprise and cloud network data centers. Capital expenditures by hyperscalers like Amazon, Microsoft () , and Google have skyrocketed, reaching $192 billion in 2024. Meta Platforms () alone spent $39 billion last year, up from 27 billion in 2023. The buildout has been a boon for Nvidia, given that its graphics processing units (GPUs) are far better suited to handling the massive compute power required for training and running AI programs than the central processing units (CPUs) most commonly found in network servers. Nvidia's () revenue has surged since 2022 because of demand for its H100, H200, and Blackwell chips. It reached $130 billion in fiscal 2025, up an eye-watering 114% in 2024 alone. Hyperscalers' spending on Nvidia chips has largely been financed by cloud customers' rising spending on AI research and strength in other business segments. For instance, Meta Platforms' advertising revenue led to its Family of Apps (Facebook, Instagram, WhatsApp, etc.) revenue growing 21% year-over-year in the fourth quarter to $47.3 billion, as businesses capitalized on strong consumer spending. The tailwinds supporting spending, however, are fading. Unemployment has risen, and sticky inflation continues to weigh on consumer spending decisions. Consumer sentiment has plummeted recently amid a mounting trade war that could cause GDP to decline even as inflation increases, putting the U.S. at risk of stagflation or recession. The potential fallout from slowing GDP growth could mean technology companies rethink their CapEx plans, shelving previously planned projects while they wait for greater clarity. The risk that the tech sector faces a major reset in 2025 isn't lost on Yiu, given his recent moves include selling Meta Platforms and Microsoft unloaded Meta Platforms and Microsoft stock earlier this month after President Trump announced reciprocal tariff plans on April 2, reports the Financial Times. Those tariffs are designed to encourage a return of manufacturing to the U.S.; however, proposed import taxes were higher than economists and Wall Street expected, causing investors to lower growth expectations and triggering the stock market's sell-off. His decision to sell Meta Platforms, a holding since 2023 representing about 3% of his fund's assets, is rooted in the risk that ad revenue could fall sharply. "When you have a global business in digital advertising and a global slowdown and economic uncertainty, then it does impact the top line,' said Yiu regarding the risk to Meta Platform's ad sales. More Tech Stocks: Top analyst revisits Tesla stock price target as Q1 earnings loom Google's Waymo is planning a move that's downright creepy Analyst reboots Apple stock price target after tariff meltdown Yiu also hit the sell button on Microsoft, another big holding, after determining that its AI spending could exceed cash flow. Perhaps surprisingly, while Yiu has soured on Meta and Microsoft, he's bullish on Nvidia. He told the Financial Times he's been buying as Nvidia's stock price has been falling, increasing his position in the semiconductor Goliath to 10% of assets from 7% previously. Although Nvidia will take a $5.5 billion charge following new restrictions on selling its popular H20 AI chip in China, Yiu thinks Nvidia is positioned to continue to do well over time amid the ongoing race for AI dominance.
