ByteDance (the developer and owner of TikTok) is developing its own AI model, Doubao, which competes with OpenAI and Google. The loan was arranged by Citigroup and JPMorgan, with Chinese lenders—ICBC, Bank of China, HSBC, and China Construction Bank—providing over 60% of the total amount.
The funds will be used for AI infrastructure and data centers outside mainland China, primarily in Southeast Asia—where ByteDance is the off-taker of capacity at newly built data centers, as U.S. export restrictions limit access to advanced Nvidia chips within China.
This is the second-largest dollar-denominated loan in Asia in 2026—second only to SoftBank’s $40 billion loan linked to OpenAI.
The company initially requested $20 billion, but demand exceeded $30 billion, allowing the deal size to be increased.