时隔4年，腾讯大动作！

Core Viewpoint - Tencent is likely to initiate a new round of bond financing, updating its global medium-term note program with a total limit of up to $30 billion [2][7]. Group 1: Bond Financing Plan - Tencent announced an update to its global medium-term note program on September 15, with a total amount reaching $30 billion [2]. - The program was originally established in April 2014 with a maximum limit of $5 billion, which has since expanded significantly over the years [4]. - The last update before this was in April 2021, when the limit was raised from $20 billion to $30 billion, followed by a $4.15 billion bond issuance shortly after [5][7]. Group 2: Current Financial Status - As of the latest announcement, Tencent has $17.75 billion in outstanding principal under the program and has applied for listing the proposed notes on the stock exchange [7]. - The company has not yet entered into any binding agreements regarding the proposed bond issuance, which will depend on various factors including market conditions and investor interest [7]. - Tencent's stock price has been recovering, currently exceeding HKD 640 per share, approaching its historical high from 2021 [8]. Group 3: Financial Performance - In the second quarter of this year, Tencent reported revenue of CNY 184.5 billion, a year-on-year increase of 15%, and operating profit of CNY 69.25 billion, up 18% [10]. - The company has significantly increased its investment in AI, with R&D spending rising 17% to CNY 20.25 billion and capital expenditure increasing 119% to CNY 19.11 billion [10]. - Despite high capital expenditures, Tencent achieved a gross margin of 22% and an operating profit margin of 18%, indicating a positive cycle of AI investment and quality growth [10].