People familiar with the matter said that Tencent Holdings plans to use the funds from this bond issuance to finance capital expenses related to artificial intelligence. People familiar with the matter added that the proceeds raised are mainly used for general corporate purposes, such as capital expenses related to artificial intelligence, and most of the funds will be used for chip procurement. People familiar with the matter said that during the rest of 2026 until 2027, Tencent's capital expenditure is likely to remain high; according to the second-quarter level, the annual capital expenditure slightly exceeds 200 billion yuan.

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