Tencent raised about US$5.7 billion from US dollar and offshore yuan bonds on October 13, with investor orders topping US$23 billion despite broader caution around AI spending.

The offering included US$1.8 billion of US dollar bonds and 26 billion yuan (US$3.89 billion) of offshore yuan bonds.

The deal term sheet said Tencent plans to use the proceeds for general corporate purposes as it steps up investment in AI infrastructure and products.

Offering documents showed Tencent’s capital expenditure rose to 96.3 billion yuan (US$14.4 billion) in the first half of 2026, from 45.9 billion yuan (US$6.86 billion) a year earlier. The spending covered computing equipment, software, and data centers.

In October 2025, Fitch affirmed Tencent at A with a stable outlook. S&P published a note on Tencent’s proposed dual-currency senior unsecured issuance.

🔗 Source: Reuters

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