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腾讯、阿里、百度集体发力债券融资,加码AI投资布局
Zheng Quan Shi Bao·2025-09-18 14:48

Core Viewpoint - Recent bond issuance by internet platform companies has attracted significant market attention, driven by increased investments in AI [1] Group 1: Bond Issuance Trends - Tencent announced plans to issue a total of RMB 90 billion in bonds, with maturities ranging from 5 to 30 years and interest rates between 2.10% and 3.10% [2] - Baidu plans to issue offshore RMB-denominated bonds worth RMB 44 billion, with proceeds aimed at general corporate purposes, including debt repayment [2] - Alibaba has also been active in the bond market, planning to issue approximately USD 3.2 billion in zero-coupon convertible bonds and completing a HKD 12.023 billion zero-coupon exchangeable bond issuance [3] Group 2: Financial Strategy - Tencent's bond issuance may serve as refinancing for upcoming debt maturities, despite having sufficient cash flow to cover these obligations [4][5] - The current low-interest-rate environment allows internet companies to lock in lower funding costs through bond issuance, which is seen as a strategic move to optimize debt structure [5][6] Group 3: AI Investment Focus - The increasing bond issuance is linked to the need for funding AI investments, with a projected capital expenditure of USD 32 billion by major Chinese internet firms by 2025, up from USD 13 billion in 2023 [7] - Alibaba plans to allocate approximately 80% of the proceeds from its bond issuance to enhance cloud infrastructure, while the remaining 20% will support international business expansion [7] - The growing demand for funds to support AI initiatives is making bond issuance a vital financing channel for internet companies [7]