Xin Hua Cai Jing·2025-09-16 04:41Core Insights - Tencent Holdings has restarted bond financing after four years, with the first batch of dim sum bonds roadshow held on September 16 [2] - The issuance plan includes three senior unsecured fixed-rate notes with maturities of 5, 10, and 30 years, all denominated in RMB, with proceeds intended for general corporate purposes [2] - Tencent has applied for a global medium-term note program totaling up to $30 billion, effective from September 16 for 12 months [2] Group 1 - The issuance of offshore RMB bonds will help Tencent expand its financing channels and reduce financing costs [3] - As of September 16, Tencent has 14 outstanding notes in the offshore market, totaling $17.75 billion [3] - Tencent has upcoming debt maturities of $1 billion in January 2026 and $500 million in April 2026 [3] Group 2 - As of June 30, 2025, Tencent's cash and cash equivalents totaled CNY 468.5 billion, with net cash of CNY 74.6 billion, indicating strong liquidity compared to many private enterprises [3] - The company's debt/EBITDA ratio is below 1.5 times, showcasing its solid financial health [3] - Tencent's main business shows strong performance, with robust profitability and cash flow, maintaining a reasonable debt-to-asset ratio [3]