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Tencent Expected to Issue Notes on June 16, 2026

Tencent prices $2.45 billion and RMB 15 billion notes under global medium-term note program

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Tencent Updates Global Medium-Term Note Program, Cap Raised to $30 Billion

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Tencent Holdings priced US$2.45 billion and CNY15 billion in dual-currency notes under its global medium-term note programme, expanding outstanding debt to approximately US$22.18 billion. Proceeds will fund general corporate purposes, including refinancing. The issuance targets institutional and offshore investors, reflecting Tencent's strategy to leverage both USD and offshore RMB markets while avoiding public offerings.

- Tencent Holdings has priced new notes totaling US$2.45 billion and CNY15 billion, expanding its total outstanding notes to approximately US$22.18 billion.  
- The issuance, set for June 16, 2026, aims to support general corporate purposes and refinancing, reflecting Tencent's strategy to optimize its funding structure without public offerings.  
- The company focuses on institutional demand in U.S. dollar and offshore renminbi markets, maintaining a Buy rating from analysts with a target price of HK$780.00.

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Tencent Prices Dual-Currency Notes Worth Over US$2.45 Billion and CNY15 Billion

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0609 | Dolphin Focus: 🐬 Macro/Industry 1) The US DoD updated its Section 1260H list of Chinese military companies, covering internet, semis, NEVs and biopharma. New additions include Alibaba, BIDU, WuXi AppTec, BYD and Nio, while Huawei, Tencent and Hikvision were already on the list; listed firms issued statements denying defense-related biz and said they will appeal. The list restricts US Gov. procurement rather than imposing financial sanctions, so near-term operating impact is limited but it dampens risk appetite.2) WeChat officially opened its AI ecosystem developer access channel. Access is now open to third-party developers...

Musk outlines orbital AI compute blueprint; INTC soars on inclusion in leading AI chip foundry shortlist | Daily News Recap

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0608 | Dolphin Focus: 🐬 Macro/Industry 1) HK and A-shares suffered a broad selloff today. A blowout US NFP flipped rate-cut expectations and pushed UST yields higher, with the tech-led rout on Wall St. spilling into APAC; Korea hit a circuit breaker and Japan tumbled, amplifying fear.High-multiple AI and semiconductor names led the de-rating, driving clear negative spillovers. Adding to the pressure, global houses such as Goldman Sachs have downgraded HK equities, and epic IPOs like SpaceX slated for this week are siphoning liquidity; the confluence of headwinds triggered panic foreign selling and a stampede among onshore funds...

Multiple headwinds spark a sharp selloff; NVDA teams up with SK hynix | Daily News Recap

Tencent's new Chief AI Scientist, former OpenAI researcher Yao Shunyu, aims to establish a long-term AGI organization in China. This reflects a shift in the U.S.-China tech race as Chinese firms poach Silicon Valley talent and adopt the U.S. vision of achieving artificial general intelligence, contrasting with previous focuses on application-level AI.

- Tencent's Chief AI Scientist, Yao Shunyu, emphasizes the ambition to establish artificial general intelligence (AGI) in China, indicating a shift in the U.S.-China tech landscape.  
- As U.S. companies focus on human-level AI, Chinese firms are adapting to use the technology in various industries despite facing chip restrictions.  
- Yao's vision for AGI highlights foundational knowledge and improved AI models, contrasting with caution expressed by U.S. firms regarding AI safety and development.

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China may move toward U.S. path on AI as firms poach employees

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0604 | Dolphin Research focus: 🐬 Stock pick 1, $SpaceX(SPCX.US) Elon Musk's SpaceX is set to list on Nasdaq on Jun 12 with ticker 'SPCX'. The IPO is priced at $135, targeting $75bn of proceeds and valuing the company at $1.77tn.The deal would set a new global IPO record by proceeds. This mega listing could siphon liquidity from global markets, while lifting valuations across the commercial space value chain upstream and downstream.

SpaceX sets Jun 12 Nasdaq debut; WeChat A2A enables mobile AI interop | Daily News Recap

China Literature announced it will acquire an additional 28.22% stake in a target company from Tencent-controlled Linzhi Lichuang for RMB400.78 million, raising its holding to approximately 59.70% and securing majority control. Classified as a connected deal under Hong Kong listing rules, the transaction requires only reporting and announcement, not shareholder approval. Completion is conditional, and investors are cautioned that the deal may not proceed.

- China Literature has announced the acquisition of an additional 28.22% stake in a target company from Tencent-controlled Linzhi Lichuang for RMB 400.78 million.  
- This deal will increase China Literature’s holding to about 59.70%, granting it majority control and classified as a connected deal under Hong Kong’s listing rules.  
- The transaction requires reporting but does not need shareholder approval, and completion is conditional, prompting caution among investors regarding its finalization.

CHINA LIT

China Literature Moves to Majority Control in Target Firm via Tencent-Linked Deal

China Literature (HK:0772) announced that shareholders approved all resolutions at its June 2, 2026 AGM, including financial statements and auditor reappointment. The board was refreshed with the re-election of Cao Huayi and new independent directors Kong Xiangjun and Mak Tze Leung. Tencent affiliates abstained from specific votes per listing rules. Analysts maintain a 'Buy' rating with a HK$36 target.

- China Literature announced the results of its annual general meeting on June 2, 2026, where shareholders approved all proposed resolutions, including financial statements and board changes.  
- The votes showed strong support for management, with major resolutions passing by significant margins, while some connected shareholders abstained from specific votes.  
- The approval of new independent directors and overwhelming shareholder backing may enhance corporate governance and indicate stability for investors, with analysts currently rating the stock as a Buy with a target price of HK$36.00.

China Literature Shareholders Approve All AGM Resolutions and Refresh Board

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SINOTRUK(03808) rose 11.09%, with a trading turnover 522.9 Million HKD, and a year-to-date rose 51.6%. YOFC(06869) rose 10.75%, with a trading turnover 4.8 Billion HKD, and a year-to-date rose 350.3%. MINIMAX-W(00100) fell 5.72%, with a trading turnover 1.6 Billion HKD, and a year-to-date rose 304.5%. SIGENERGY(06656) fell 4.86%, with a trading turnover 137.4 Million HKD, and a year-to-date rose 40%.

- The Hang Seng Index rose by 2.52% and has gained 1.6% for the year; the Hang Seng Tech Index increased by 4.72% but is down 5.7% year-to-date.  
- China National Heavy Duty Truck (03808) saw an 11.09% increase with a trading volume of HKD 520 million, resulting in a 51.6% year-to-date gain.  
- Changfei Optical Fiber (06869) rose by 10.75% with a trading volume of HKD 4.8 billion, marking a significant 350.3% increase this year.

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Top 5 HK Stock Gainers/Losers (>100B) (6.2)

TENCENT rose 10.73%; Kuaishou-W rose 5.41%, with a transaction volume of HKD 3.029 billion; Meitu Inc. rose 1.64%, with a transaction volume of HKD 1.492 billion; Baidu-SW rose 3.10%, with a transaction volume of HKD 1.05 billion; Bilibili-W rose 5.24%, with a market value of HKD 62.7 billion

- Tencent Holdings rose by 10.73% as it plans to launch WeChat AI agents, enhancing user functionality in mini-programs and undergoing compliance reviews this month.  
- The company's stock increase was also supported by its announcement to repurchase 1.148 million shares for HK$501 million and a gaming cooperation agreement with China Ruoyi, solidifying its market position.  
- Other tech stocks like Kuaishou and Baidu saw gains due to buyback announcements and positive market sentiment towards AI developments, reflecting an optimistic outlook in the sector.

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Hong Kong Stock Movement: Tencent Rises 10.73%: WeChat AI Assistant Catalyst, Buybacks and Game Collaborations Drive Growth

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