不差钱的腾讯，也开始借钱了？

Core Viewpoint - Tencent Holdings plans to issue a total of 9 billion yuan in notes, marking its first bond issuance since April 2021, raising speculation about the company's sudden need for cash [1][2] Group 1: Debt Issuance and Financial Strategy - The estimated net proceeds from the bond issuance will be approximately 8.97 billion yuan, intended for general corporate purposes [1] - Market speculation suggests that the bond issuance may be aimed at refinancing maturing debt, with a $1 billion bond due in January 2026 and a $500 million note maturing in April [1][2] - Despite having sufficient cash flow to cover maturing debts, the issuance may be a strategic move to replace high-cost dollar debt with lower-cost renminbi debt [2] Group 2: Share Buyback Program - Tencent has been actively repurchasing shares, with a total buyback amount of 49.95 billion HKD this year, representing 1.02% of its total share capital [3] - The company has shifted its focus from external investments to share buybacks since 2021, particularly in response to significant share sales by its major shareholder, Prosus [3] - Tencent's buyback strategy mirrors that of Apple, which has historically used debt to finance share repurchases, thereby enhancing shareholder value [8][11] Group 3: Financial Performance and EPS Impact - Tencent's earnings per share (EPS) growth has outpaced net profit growth, indicating the effectiveness of its buyback strategy [15] - The company is now considering a similar approach to Apple, using debt issuance to optimize financing costs while supporting shareholder returns [15] - The correlation between share buybacks and EPS growth is evident, as reducing the number of shares in circulation can lead to higher EPS even if net profits remain stable [11][12]