Davis Polk & Wardwell has advised Tencent Holding Ltd. on a $2.5 billion bond issue on the Hong Kong Stock Exchange.

The Shenzhen-based Internet company sold the bonds in one $500 million tranche of three-year notes and one $2 billion tranche of five-year notes. The offering is part of a $5 billion medium-term notes program launched last month. According to a regulatory filing, Tencent will use the proceeds for general corporate purposes.

Tencent is best-known in China for its popular messaging applications including QQ and WeChat. It has increasingly sought to challenge Alibaba Group Holding Ltd.’s dominance of China’s e-commerce market. In March, Tencent paid $220 million for 15 percent stake in Chinese online retailer JD.com.

Hong Kong partners Eugene Gregor and Paul Chow led the team at Davis Polk advising Tencent.

Clifford Chance Hong Kong partners Crawford Brickley and Matt Fairclough represented underwriters Deutsche Bank A.G., Barclays and J.P. Morgan.

Email: azhang@alm.com.