Tencent Closes $5.7B Dollar and Dim-Sum Bond Sale for AI Capex, Draws $23B in Orders

Tencent raised about $5.7B through a four-tranche debt offering, selling $1.3B of 10-year and $500M of 20-year dollar bonds alongside RMB20B of 10-year and RMB6B of 30-year offshore 'dim sum' bonds. The order book topped $23B, more than four times final size, versus an initial target of $4.5B. Tencent has told investors proceeds will primarily fund AI capex as it ramps data-center and model spending amid US chip curbs.