证券时报·2025-09-18 12:36Core Viewpoint - The recent surge in bond issuance by major internet companies is driven by their increasing investments in AI, with firms like Tencent, Alibaba, and Baidu actively seeking to optimize their debt structures and secure low-interest financing for long-term growth [2][4][10]. Group 1: Bond Issuance Trends - Tencent announced plans to issue a total of RMB 90 billion in bonds, with varying maturities and interest rates, marking its first bond issuance since April 2021 [4]. - Baidu plans to issue offshore RMB-denominated bonds, raising RMB 44 billion, with proceeds aimed at general corporate purposes, including debt repayment [4]. - 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 [5]. Group 2: Financial Strategy - The current low-interest-rate environment is encouraging internet companies to issue bonds to lock in lower financing costs, which is seen as a strategic move to optimize their capital structure [9][12]. - Analysts suggest that Tencent's bond issuance may be aimed at refinancing upcoming debt maturities, despite the company's strong cash flow position [7][8]. Group 3: AI Investment Focus - The integration of AI into business operations is accelerating, with major internet firms expected to increase capital expenditures significantly, from USD 13 billion in 2023 to USD 32 billion by 2025 [11]. - Alibaba plans to allocate approximately 80% of the proceeds from its bond issuance to enhance cloud infrastructure, indicating a strong focus on AI and technology upgrades [11]. - The demand for funding in AI and other advanced sectors is driving internet companies to utilize bond issuance as a key financing channel [12].