China's Internet giant Tencent Holdings is in talks with banks to raise up to $2 billion in new debt, Basis Point reported, citing three people familiar with the financing plans.
Tencent is looking to raise a bullet loan with a five-year maturity, Basis Point, a Thomson Reuters publication, said.
Citigroup is coordinating the financing and at least six Chinese and foreign banks in Hong Kong plan to join, according to the report.
Tencent, best known for its WeChat mobile app, has been investing in a wide array of sectors such as gaming, entertainment, cloud computing and online financing as it vies with rivals Alibaba Group Holding and Baidu.
Tencent raised $7.94 billion in two syndicated loans in the past nine months, Basis Point said, including $3.5 billion in October to back a deal for a majority stake in Finnish mobile game developer Supercell Oy.
