China Ruyi Holdings, a Hong Kong-listed streaming media firm backed by Tencent, plans to raise between US$300 million and US$500 million through a convertible bond offering next week.

The funds are expected to be used for a potential acquisition, though discussions are still in early stages.

Bank of America, CLSA, Deutsche Bank, Goldman Sachs, and Macquarie have been engaged to manage the bond issuance.

This move is part of a broader trend of increased offshore equity fundraising by Chinese firms, spurred by improved investor sentiment and expectations of government support for private enterprises.

In Q1 2025, Chinese companies raised US$24 billion in equity capital markets, with convertible bond offerings surging fivefold to US$4.9 billion.

China Ruyi, in which Tencent holds a 16.4% stake, operates in streaming services, film production, and online gaming.