TMTPOST — Internet and gaming conglomerate Tencent Holdings Ltd. has launched a multi-tranche offshore bond offering that could raise up to $4.5 billion, according to individuals familiar with the transaction on Tuesday. The dual-currency offering features 10-year and 20-year U.S. dollar notes, alongside 10-year and 30-year offshore yuan-denominated "dim sum" bonds. Investor demand surged by Tuesday morning, with the dollar tranches drawing over $3 billion in orders and the yuan portions attracting more than 20.5 billion yuan ($3 billion). Driven by strong investor feedback, the final deal size marks an upward shift from Tencent's initial fundraising targets, with final pricing expected as early as Tuesday. The debt issuance represents Tencent's first dollar bond sale since 2021 and its second-ever offshore yuan offering. Backed by regulatory approval for the $4.5 billion quota, the company plans to allocate the proceeds toward general corporate purposes and refinancing, specifically targeting a massive scale-up of its large language models and artificial intelligence infrastructure.