Tencent Plans to Launch Open Source Model Hy4 in 2026, Financing Scale Approximately $5 Billion

Tencent plans to launch its open source model Hy4 later in 2026. Tencent Holdings has initiated a bond issuance plan in US dollars and offshore renminbi, with an expected financing scale of approximately $5 billion. The company intends to issue 10-year and 20-year US dollar bonds, with initial guidance spreads approximately 115 basis points and 140 basis points higher than the yields of US Treasury bonds of the same maturity, respectively. Additionally, the company is also issuing 10-year and 30-year offshore renminbi bonds, with guidance coupon rates of approximately 2.9% and 3.5%, respectively. The related bonds may be priced as early as Tuesday.

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