China’s internet giants are gearing up for some serious spending. Tencent, the gaming and social network giant behind WeChat, is now in talks with five banks to raise a $2 billion USD syndicated loan, according to sources who spoke to the Wall Street Journal.

News of the financing comes five months after the company secured a $1.5 billion dollar loan, and just one month after fellow internet powerhouse Alibaba announced a $3 billion USD syndicated bank loan.

Tencent and Alibaba have continued their expansion both locally and abroad with a spate of large investments in hotly contested sectors including ride-sharing, entertainment, finance and on-demand services.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com