Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 28

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 28
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 the Conversion Shares Depository to deliver to the securityholders on the Settlement Date either (i) Conversion Shares or (ii) if we elect, in our sole and absolute discretion, that a Conversion Shares Offer be made, the Conversion Shares 
 Offer Consideration.                                                                                                                                                                                                                           |

| The Securities will not be convertible into Conversion Shares at the option of the securityholders at any time. |

| “Conversion Shares” means our Ordinary Shares to be issued to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance with the terms of the Securities)                                          
 following an Automatic Conversion, which Ordinary Shares will be in such number as is determined by dividing the aggregate principal amount of the Securities then outstanding immediately prior to the Automatic Conversion on the Conversion Date by 
 the Conversion Price, rounded down, if necessary, to the nearest whole number of Ordinary Shares. The “Conversion Price” is fixed initially at $3.6437 per Conversion Share and is subject to certain                                                  
 anti-dilution adjustments as described under “Description of the Securities—Anti-dilution— Adjustment of Conversion Price and Conversion Shares                                                                                                        
 Offer Price.”                                                                                                                                                                                                                                          |

| “Conversion Shares Offer” means, our election, at our sole and absolute discretion, that the Conversion Shares Depository make an offer of all or some of the Conversion Shares to all or some of our Ordinary                    
 Shareholders at a cash price per Conversion Share equal to the Conversion Shares Offer Price, subject to the conditions described further under “Description of the Securities—Automatic Conversion Upon Capital Adequacy Trigger 
 Event—Procedure.”                                                                                                                                                                                                                 |

S-17

| “Conversion Shares Offer Price” is fixed initially at £2.70 per Conversion Share and is subject to certain anti-dilution adjustments as described under                       
 “Description of the Securities—Anti-dilution— Adjustment of Conversion Price and Conversion Shares Offer Price.” On the Issue Date, the Conversion Shares Offer Price and the 
 Conversion Price will be equal (based on an exchange rate of £1.00 = $1.3495).                                                                                                |

| “Conversion Shares Offer Consideration” means in respect of each Security (i) if all the Conversion Shares are sold in the Conversion Shares Offer, the pro rata share of the cash proceeds from such                                                   
 sale attributable to such Security converted from pounds sterling (or any such other currency in which our Ordinary Shares are denominated) into U.S. dollars at the Prevailing Rate as of the date that is three Depository Business Days prior to the