Bloomberg: Tencent Plans to Launch Open-Source Model Hy4 in Late 2026

Odaily reports: Tencent plans to launch its open-source model Hy4 in late 2026. Separately, according to people familiar with the matter, Tencent Holdings has initiated a US dollar and offshore yuan bond issuance plan, with an expected fundraising scale of approximately $5 billion. Tencent intends to issue 10-year and 20-year US dollar bonds, with initial guidance spreads of approximately 115 basis points and 140 basis points above comparable US Treasury yields, respectively. Meanwhile, the company is also issuing 10-year and 30-year offshore yuan bonds, with guided coupon rates of approximately 2.9% and 3.5%, respectively. The bonds could be priced as early as Tuesday. (Bloomberg)