Tencent could raise $4.5 billion via bond sale for AI
Business
Tencent, one of China's biggest tech players, could raise at least $4.5 billion by selling bonds in both US dollars and Chinese yuan.
The borrowing comes as Tencent seeks funding amid higher spending on artificial intelligence: think computing equipment, software, and data centers.
Competitive yields, Tencent A1 A+ expected
The bonds come with competitive yields and are expected to be rated A1 by Moody's and A+ by S&P, signaling investor confidence even as borrowing costs rise for tech firms.
Despite capital expenditure more than doubling to 96.3 billion yuan in the first half, Tencent's stock has slipped about 30% since January, echoing a broader slump across tech stocks lately.