腾讯启动美元与点心债发售募资至少45亿美元：AI资本开支翻倍，点心债认购逾350亿元
香港——中国科技巨头腾讯控股10月13日正式启动美元债与离岸人民币债（点心债）发售。据路透社看到的发行文件，本次发售包括10年期与20年期美元债、10年期与30年期离岸人民币债，市场预期募资至少45亿美元，各期限最终规模尚未在文件中写明。
定价指引显示了投资者的追捧程度。美元部分：10年期初始指引约为同期限美国国债收益率加115个基点，20年期约为加140个基点；两档美元债合计认购已超过20亿美元，其中包含联席牵头承销商5.25亿美元的意向。人民币部分：10年期初始收益率指引约2.90%，30年期约3.50%；两档合计认购超过350亿元人民币（约52亿美元），其中联席牵头承销商订单占202.5亿元。
发债的背景是AI投入的陡增。路透社指出，腾讯正大幅增加人工智能基础设施与产品投入，其资本开支已较此前翻倍量级增长；10月12日路透已先行报道这笔发售计划。腾讯对路透的置评请求未即时回应。二级市场方面，腾讯股价周二下跌1.3%，跑赢恒生科技指数2.7%的跌幅（恒生指数跌1.1%），但腾讯年内股价累计已跌约30%——股价承压与债市抢购形成对照：股票投资者在给AI估值打折，债券投资者仍愿意以长期限资金押注腾讯的信用。
Tencent Launches Dollar and Dim Sum Bond Sale of at Least $4.5 Billion as AI Spending Surges; Yuan Books Top 35 Billion
Hong Kong — Chinese tech giant Tencent Holdings formally launched a sale of U.S. dollar bonds and offshore yuan (dim sum) bonds on October 13. According to term sheets seen by Reuters, the sale includes 10-year and 20-year dollar tranches and 10-year and 30-year offshore yuan tranches, with the market expecting proceeds of at least $4.5 billion; final sizes for each tranche were not stated in the documents.
Initial price guidance showed how strongly investors chased the deal. For the dollar tranches, the 10-year was initially guided at about 115 basis points over comparable U.S. Treasuries and the 20-year at about 140 basis points; combined order books for the two dollar tranches exceeded $2 billion, including $525 million of interest from the joint lead managers. For the yuan tranches, initial yield guidance was about 2.90% for the 10-year and about 3.50% for the 30-year, with combined books above 35 billion yuan (about $5.2 billion), of which orders from joint lead managers accounted for 20.25 billion yuan.
The sale comes against a surge in AI spending. Reuters noted that Tencent is sharply increasing investment in AI infrastructure and products, with capital expenditure rising by roughly a doubling magnitude from before; Reuters had reported the planned sale a day earlier, on October 12. Tencent did not immediately respond to a request for comment. In the secondary market, Tencent shares fell 1.3% on Tuesday, outperforming the Hang Seng Tech Index's 2.7% drop (the Hang Seng Index fell 1.1%), but the stock is still down about 30% this year — a contrast between pressured shares and eager bond demand: equity investors are discounting AI valuations, while bond investors remain willing to back Tencent's credit with long-dated money.
图片来源：图：深圳腾讯滨海大厦。摄影：Wishva de Silva，CC BY-SA 4.0，来源：Wikimedia Commons
