TENCENT Holdings Ltd., the creator of the messaging app WeChat, has raised US$8.3 billion in the biggest offshore syndicated loan in Asia for a Chinese firm since 2016.

Twelve banks joined the Tencent financing deal, which initially had a US$6 billion size, according to people familiar with the matter.

The loan will be used for general corporate purposes, the people said.

Tencent is fast evolving beyond a social media and gaming behemoth over the past decade and has poured billions of dollars snapping up stakes in promising startups, widening its reach in areas from social media to grocery delivery.

It received a 1.3-billion-euro (US$1.6 billion) loan last month to back its purchase of more shares in Universal Music Group International Ltd.

The deal comes amid a flurry of debt financings by tech giants, with Alibaba Group Holding Ltd. issuing US$5 billion in bonds in early February and Chinese Internet search engine giant Baidu Inc. seeking what would be potentially its largest syndicated loan.

The latest loan is the largest foreign currency syndicated deal for a Chinese firm in Asia since 2016, when China National Chemical Corp. raised US$12.7 billion. (SD-Agencies)