Bloomberg reported, citing people familiar with the matter, that Tencent is considering an offshore bond sale of as much as $5 billion, potentially priced in both U.S. dollars and offshore yuan and possibly launching as early as this month, with the use of proceeds not yet clear and Tencent declining to comment. In June the company raised nearly $4.7 billion via dollar and yuan notes, its largest offshore issuance since 2020, for debt refinancing and general corporate purposes including developing AI products and services. Tencent's capital spending on AI projects and compute rose 176% year over year to 52.8 billion yuan in the quarter ended June, and President Martin Lau said the company is investing heavily in compute and already sees room for returns.

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