Tencent Holdings (0700.HK) raised approximately $5.7 billion on Tuesday through a sale of U.S. dollar and offshore yuan bonds. The amount exceeded its initial target of at least $4.5 billion. Combined investor orders surpassed $23 billion.
The offering included four tranches. The U.S. dollar notes have maturities of 10 and 20 years. The offshore yuan dim sum bonds have maturities of 10 and 30 years.
Tencent plans to use the proceeds for general corporate purposes as it increases spending on IT infrastructure and artificial intelligence development.