Overview

• Tencent raised 9 billion yuan in a three-tranche offshore renminbi sale, pricing five-, 10- and 30-year notes at about 2.1%, 2.5% and 3.1% after tightening roughly 50 basis points from initial guidance.
• The transaction is Tencent’s first bond in four years and its debut in the dim sum market.
• Corporate sales of dim sum notes have reached a record US$49.6 billion so far in 2025, with Tencent and Baidu together accounting for 23.4 billion yuan of issuance.
• Baidu followed a 10 billion yuan March deal by announcing a further 4.5 billion yuan in offshore renminbi bonds on September 9, while Meituan is considering a first-time sale.
• Offshore renminbi debt offers issuers savings of roughly 150–200 basis points versus comparable dollar bonds and benefits from a wider investor base after Bond Connect access expanded.