BUSINESS

Kuaishou Seeks $2 Billion in Offshore Bond Sale to Power AI Push

Published: Jan. 15, 2026 3:24 a.m. GMT+8

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Kuaishou headquarters in Beijing. Photo: VCG

Kuaishou Technology is aiming to raise $2 billion through a dual-currency bond issuance, according to people familiar with the matter, as the short-video platform seeks fresh capital to bolster its artificial intelligence capabilities.

The Hong Kong-listed firm announced plans on Wednesday for a combined issuance of U.S. dollar and offshore yuan bonds, with pricing expected to be finalized on Jan. 15. The offering includes $1.5 billion in dollar-denominated notes and the equivalent of $500 million in so-called “dim sum” bonds, the sources said.

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Kuaishou Technology plans to raise $2 billion via U.S. dollar and offshore yuan bonds, targeting AI investment and general corporate purposes.
The bond sale follows strong performance from Kuaishou’s Kling AI, which generated $20 million revenue in December 2025, with a projected 2026 revenue exceeding $250 million.
Fitch rated the bonds A-, citing online advertising growth and a strong capital structure, but noted risks such as recent cyberattacks and short track record of profitability.

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Who’s Who

Kuaishou Technology: Kuaishou Technology is a Hong Kong-listed short-video platform aiming to raise $2 billion through a dual-currency bond issuance (USD and offshore yuan). This move seeks to bolster its AI capabilities, including acquiring GPUs. The company's proprietary video generation model, Kling AI, has shown strong performance, generating over $20 million in December alone. Fitch noted Kuaishou's favorable advertising share and e-commerce momentum but highlighted the short track record of profitable growth and intense competition.

Alibaba: Alibaba is among the Chinese internet giants tapping offshore debt markets for funding. They, along with companies like Baidu, Tencent Holdings, and Meituan, are utilizing the dim sum bond market. This strategy aims to secure capital for upgrading infrastructure amidst the competitive race to dominate generative AI.

Baidu: Baidu is mentioned as one of the Chinese tech giants, alongside Alibaba, Tencent Holdings, and Meituan, that are increasingly using the dim sum bond market for funding. This trend highlights how these companies are seeking fresh capital, particularly to enhance their artificial intelligence capabilities as they compete in the generative AI space.

Tencent Holdings: Tencent Holdings is among the Chinese tech giants leveraging the dim sum bond market for funding. In September 2025, Tencent issued 9 billion yuan ($1.3 billion) in bonds, notably including a rare 30-year, 1 billion yuan tranche, a first for a Chinese corporate issuer.

Meituan: Meituan is mentioned as one of the Chinese tech giants, alongside Alibaba, Baidu, and Tencent Holdings, that are utilizing the dim sum bond market for funding. This indicates Meituan's participation in offshore debt markets to raise capital, similar to Kuaishou and other major Chinese internet companies.

Citigroup: Citigroup analysts, in a note dated January 13, stated that Kling's December performance surpassed their expectations. They also projected that Kling's full-year revenue for 2026 could exceed $250 million.

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