[Bloomberg: Tencent Plans to Launch Open-Source Model Hy4 in Late 2026] Deep Tide TechFlow reports that on October 13, according to Bloomberg, Tencent plans to launch the open-source model Hy4 in late 2026. Additionally, sources revealed that Tencent Holdings has initiated a U.S. dollar and offshore RMB bond issuance plan, with an expected financing scale of approximately $5 billion. Tencent intends to issue 10-year and 20-year U.S. dollar bonds, with initial guidance spreads of approximately 115 basis points and 140 basis points above the yield of U.S. Treasury bonds of the same maturity, respectively. Meanwhile, the company is also issuing 10-year and 30-year offshore RMB bonds, with guidance coupon rates of approximately 2.9% and 3.5%, respectively. The related bonds could be priced as early as Tuesday.