Tencent Holdings has completed the pricing of its offshore bonds totaling 26 billion yuan (approximately $3.88 billion) and launched a $1.8 billion USD bond issuance, raising a combined $5.7 billion. The offering attracted over $23 billion in subscriptions, more than four times the final size, making it Tencent's largest offshore bond issuance since 2020. According to the offering documents, Tencent's capital expenditure in the first half of 2026 more than doubled year-on-year to 96.3 billion yuan, primarily for computing equipment, software, and data centers.