ByteDance, TikTok’s parent company, has secured a $29.6 billion loan from nearly thirty Chinese and international banks, far exceeding its initial $20 billion target. Chinese banks subscribed to over 60% of this mega unsecured loan, coordinated by Citigroup and JPMorgan. According to sources close to the matter, the funds will primarily support artificial intelligence projects outside China, including data centers in Southeast Asia. This loan follows ByteDance’s announcement of a budget of up to $12 billion for chips and overseas infrastructure, in a context of massive investment across the AI sector.
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