Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 54

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 54
---
 the Securities.

Separately, changes
in the non-transitional CET1 Ratio may be caused by changes in the amount of CET1 Capital and/or Risk Weighted Assets (each of which will be calculated by us and will be binding on the trustee, the paying
agent and you). Accordingly, the non-transitional CET1 Ratio could be affected by one or more factors, including changes to our business and our future earnings, dividend payments, regulatory changes
(including changes to definitions, interpretations and calculations of regulatory capital ratios and their components, including CET1 Capital and Risk Weighted Assets, as described further below and any transitional provisions that may apply to such
calculations in the future pursuant to the Relevant Rules, and the Relevant Regulator may or may not require us to disapply such transitional provisions from the underlying calculation of the CET1 Ratio for the purposes of the Securities), revisions
to models used by us to calculate our capital requirements (or revocation of, or amendments to, the regulatory permissions for using such models), actions that we are required to take at the discretion of the Relevant Regulator, accounting rule
changes (as described further below), tax law changes, the HSBC Group’s ability to manage Risk Weighted Assets in both its ongoing businesses and those it may seek to exit and foreign currency movements (due to changes in foreign exchange rates
resulting in changes to the U.S. dollar equivalent value of foreign currency denominated capital resources and Risk Weighted Assets).

The
actual impact of the Capital Instruments Regulations on UK capital ratios is also subject to ongoing changes, including changes to UK CRR to implement the revised Basel III standards, or changes to the way in which the PRA interprets and applies
these requirements to UK banks (including with respect to individual model approvals granted by the PRA), as described further below. See “—Risks Relating to the Securities—Other changes in law may adversely affect your rights as a securityholder.”

The PRA has published several supervisory statements and policy statements setting out the
PRA’s expectations in relation to capital and leverage ratios and the quality of capital. Nonetheless, if the PRA rules, guidance or expectations in relation to capital or leverage were to be amended in the future in a manner other than as set
out in the statements, it could be materially more difficult for the HSBC Group to maintain compliance with prudential requirements.

Applicable accounting rules, or changes to regulatory adjustments that modify the regulatory impact of accounting rules, may affect the
calculation of the