Hong Kong’s debt market is surging, with Tencent Holdings and Swire Pacific raising more than US$5.2 billion in fresh funding, underscoring the city’s growing role as an international bond hub.The issuers, ranging from China’s tech champion to one of its oldest conglomerates, offered bonds across multiple currencies – US dollars, offshore yuan and Hong Kong dollars – highlighting the breadth of Hong Kong’s fundraising platform.Tencent unveiled on Wednesday a dual-currency bond package worth US$2.45 billion in US dollar notes and 15 billion yuan (US$2.2 billion) in offshore yuan notes, two days after announcing an issuance plan under its global medium-term note programme with a ceiling of US$30 billion.The nearly US$4.7 billion fundraising marked the largest for the social media and video game giant in six years.The company said estimated net proceeds of US$2.43 billion and 14.94 billion yuan would be used for general corporate purposes, including refinancing.Tencent has been intensifying its financing amid the global artificial intelligence race. In September last year it issued 9 billion yuan in its first-ever yuan-denominated bonds under the same programme.