v3.26.1
Notes payable
 6 Months Ended
Jun. 30, 2026
Notes payable [Abstract]  
Notes payable
22.
Notes payable
 
    
As at
  
    
December 31,
2025
RMB’million
     
June 30,
2026
RMB’million
  
Included in
non-current
liabilities
      3,497        3,390  
  
 
 
     
 
 
  
In September 2020, the Company issued two tranches of senior unsecured notes with an aggregate principal amount of US$800 
million as set out below. The notes due 2025 have been fully repaid. 

    
Principal
amount
(US$’million)
     
Carrying
amount at
December 31,
2025
(RMB’million)
     
Carrying
amount at
June 30,
2026
(RMB’million)
     
Interest Rate
(per annum)
    
Due
  
2025 Notes
      300        —         —         1.375 %      2025  
2030 Notes
      500        3,497        3,390        2.000 %      2030  
  
 
 
     
 
 
     
 
 
       
     800        3,497        3,390       
  
 
 
     
 
 
     
 
 
       
Notes payable issued by the Company were recognized initially at fair value and subsequently carried at amortized cost.
The fair value of notes payable as at December 31, 2025 and June 30, 2026 was US$452 million (equivalents to approximately RMB3,176 million) and US$450
 
million (equivalents to approximately RMB3,066 million). The fair value of notes payable was based on the quoted market prices at the end of reporting period.
Interest is payable semi-annually in arrears on and of each year, beginning in March 2021. The total cash outflow in financing activities for interest paid of notes payable in the six months ended June 30, 2025 and 2026 was RMB51 million and RMB35 million, respectively.