Tencent is considering raising up to US$5 billion through an offshore bond sale, according to people familiar with the matter. The Shenzhen-based technology company increases spending on AI and computing infrastructure.

The bonds could be issued in US dollars and offshore yuan, with a sale potentially happening early this month, the people said.

A sale would follow Tencent’s US$4.66 billion bond offering in June, its largest debt deal since 2020. Proceeds from that issuance were used for general corporate purposes, including AI development.

Fitch affirmed Tencent’s A rating with a stable outlook in October 2025. Other Chinese tech companies are also increasing AI spending. Alibaba said in February 2025 that it planned to invest more than US$52 billion in AI over three years.

🔗 Source: Bloomberg

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