Tencent raised about $5. 7 billion through a four-part sale of U.S. Dollar and offshore yuan bonds, exceeding the initially expected minimum of $4. 5 billion. The transaction comprised $1. 3 billion of 10-year dollar notes, $500 million of 20-year dollar notes, 20 billion yuan of 10-year offshore yuan notes and 6 billion yuan of 30-year notes.
Investor orders exceeded $23 billion, more than four times the final offering size. The bonds were priced below their initial guidance as demand remained strong despite broader scrutiny of debt-funded artificial-intelligence infrastructure spending.
The borrowing comes as Tencent sharply increases investment in artificial-intelligence infrastructure and products. Capital expenditure reached 96. 3 billion yuan in the first half of 2026, compared with 45. 9 billion yuan during the same period a year earlier.
Tencent reported first-quarter revenue of 196. 5 billion yuan, up 9% from a year earlier, while gross profit rose 11% to 111. 3 billion yuan.
Tencent also reported launching a preview of its Hy3 large language model in April after upgrading its AI infrastructure, while WorkBuddy was identified as its most popular productivity AI agent service in China by daily active users.