Alibaba Group Holding Ltd is seeking to raise US$5 billion in bank debt financing with a maturity of five years, according to media reports.
The proceeds will be used for both corporate development and refinancing purposes.
Earlier this month, Alibaba's competitor Tencent Holdings Ltd was reportedly seeking US$2 billion in debt financing for general corporate usage, according to Chinese media reports.
Tencent has raised a total of US$7.94 billion over the past nine months, including a US$3.5 billion financing last October to support its acquisition of Finnish game company Supercell.
Another rival, Baidu Inc., similarly announced it was seeking a five-year US$1 billion loan in April of last year. But no additional details were announced.
Alibaba previously received a five-year US$3 billion loan in March, 2016 from eight banks, including The Australia and New Zealand Banking Group Ltd, Citigroup Inc., Credit Suisse, Deutsche Bank、Goldman Sachs, J.P. Morgan, Mizuho Bank and Morgan Stanley. The company plans to use the proceeds to expand its business, including mergers and acquisitions.
In 2013, Alibaba received US$8 billion in debt financing from nine banks and US$4 billion in 2012.