Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 147

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 147
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ibility of capital losses is subject to limitations. U.S. Holders should consult their tax advisers regarding the applicability of extraordinary dividend treatment in their particular circumstances.

This summary does not discuss the tax consequences to a U.S. Holder of the receipt of Conversion Shares Offer Consideration that is a
combination of cash and Conversion Shares or of a partial cancellation of the Securities pursuant to the UK bail-in power. U.S. Holders should consult their own tax advisers regarding the tax

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consequences of such situations as well as how to account for proceeds received on the sale or redemption of Securities or Conversion Shares that are not paid in U.S. dollars.

Adjustment of the Conversion Price and the Conversion Shares Offer Price

The Conversion Price and the Conversion Shares Offer Price are subject to adjustment under certain circumstances. A U.S. Holder of the
Securities may be treated as having received a constructive distribution if and to the extent that certain adjustments (or, in some cases, certain failures to make adjustments) to the fixed conversion rates increase a U.S. Holder’s
proportionate interest in our assets or earnings. If adjustments that do not qualify as being pursuant to a bona fide reasonable adjustment formula are made (or, in some cases, adjustments that do so qualify that fail to be made), U.S. Holders of
Securities will be treated as having received a distribution even though they have not received any cash or property. For example, increases in the Conversion Price and the Conversion Shares Offer Price to reflect an extraordinary dividend to
holders of ordinary shares will generally give rise to a constructive taxable distribution to the U.S. Holders of the Securities. Any constructive distribution will be includable in such U.S. Holder’s income at its fair market value at the time
of the distribution in a manner described above under “—U.S. Tax Status of the Securities; Distributions on the Securities and the Conversion Shares.” Adjustments to the Conversion Price and the Conversion Shares Offer Price
made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest of the U.S. Holder of the Securities, however, will generally not be considered to result in a constructive distribution to the
U.S. Holder.

Foreign Financial Asset Reporting

Certain U.S. Holders that own “specified foreign financial assets” with an aggregate value in excess of $50,000 on the last day of
the taxable year or $75,000 at any time during the taxable year are generally required to file