Tencent Holdings raised approximately $5.7 billion through a multi-tranche offering of U.S. dollar- and offshore yuan-denominated bonds. The company increased the deal from an initial target of at least $4.5 billion.
Investors submitted more than $23 billion in orders, over four times the final offering size.
Tencent plans to use the proceeds for general corporate purposes, with a focus on its accelerating investment in artificial intelligence. The funding will support AI infrastructure spending, including computing hardware, software, and data centers, as the company builds its capabilities to compete in the global AI race.