Tencent, Baidu sell record dim sum bonds for cheap funding

Chinese internet firms are raising a record amount of funds in Hong Kong’s dim sum bond market, as they look to secure cheap financing to power their artificial intelligence ambitions.

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Tencent Holdings, which just priced its first bond in four years, and Baidu have together sold 23.4 billion yuan (S$4.2 billion) of offshore renminbi bonds in 2025, the largest tally for the sector ever.

Other companies are also sizing up the market, with food delivery company Meituan considering issuing such notes for the first time.

Dim sum bonds are bonds issued outside mainland China, usually in Hong Kong, but denominated in Chinese renminbi. Alibaba Group Holding, which recently raised about US$3.2 billion (S$4.1 billion) in the largest convertible bond of-