Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 34

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 34
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 to us or our securities (including the Notes). In particular,
because the Banking Act allows for the BoE to exercise its discretion in choosing which resolution tool or tools to apply, it will be difficult to predict whether the exercise of the BoE’s resolution powers with respect to any of our
securities will result in a principal write-off or conversion to equity. You may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such resolution powers
and consequently its potential effect on us or the Notes. In some circumstances, the relevant UK resolution authority may decide to apply a deferred bail-in, where liabilities are not written down at the start
of the resolution but are transferred to a depositary to hold during the bail-in period with the write-down being determined at a later point in the bail-in period.

Accordingly, it is not yet possible to assess the full impact of the exercise of the UK bail-in power
pursuant to the Banking Act or otherwise on us, and there can be no assurance that the taking of any actions contemplated therein would not adversely affect your rights, the price or value of your investment in the Notes and/or our ability to
satisfy our obligations under the Notes.

S-24

Your remedies under the Notes are limited.

The remedies under the Notes are more limited than those that may be available to our unsubordinated creditors.

There is no right of acceleration in the case of non-payment of principal and/or interest on the Notes
or of our failure to perform any of our obligations under or in respect of the Notes. Payment of the principal amount, together with accrued and unpaid payments with respect to the outstanding Notes, may be accelerated only upon certain events of a winding-up, as described under “Description of Debt Securities—Subordinated Debt Securities—Subordination, Defaults and Events of Default” in the accompanying prospectus, and the sole
remedy against us under the Indenture for recovery of amounts owing in respect of any non-payment of any amount that has become due and payable under the Notes is, subject to certain conditions and to the
provisions described in “Description of Debt Securities—Subordinated Debt Securities—Subordination, Defaults and Events of Default”in the accompanying prospectus (including your right to institute suit for the
enforcement of any payment of the principal of, or interest on, the Notes on or after the due dates thereof), for the trustee, in accordance with the Indenture, to institute proceedings in England (or such other jurisdiction