Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 44

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 44
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 industries in which we operate; (v) legal and regulatory frameworks affecting our legal structure, business activities and the
rights of our creditors; and (vi) the impact of the current macroeconomic environment, the Russia-Ukraine war and the conflict in the Middle East.

S-29

There can be no assurance that the rating agencies will maintain the current ratings or
outlook assigned to us or the Notes.

Real or expected downgrades, suspensions or withdrawals of credit ratings assigned to us or the
Notes could cause the liquidity or trading prices of the Notes to decline significantly. Additionally, any uncertainty about the extent of any anticipated changes to the credit ratings assigned to us or the Notes may adversely affect the market
value of the Notes.

You may not be entitled to receive U.S. dollars in a winding up.

If you are entitled to any recovery with respect to the Notes in any winding-up, you might not be
entitled in those proceedings to a recovery in U.S. dollars and might be entitled only to a recovery in pounds sterling or any other lawful currency of the UK. In addition, under current English law, our liability to you would have to be converted
into pounds sterling or any other lawful currency of the UK at a date close to the commencement of proceedings against us and you would be exposed to currency fluctuations between that date and the date you receive proceeds pursuant to such
proceedings, if any.

We or our affiliates may publish research that could affect the market value of the Notes.

We or one or more of our affiliates may, at present or in the future, publish research reports with respect to SOFR, movements in interest
rates, or the transition from interbank offered rates to alternative reference rates. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the
Notes. Any of these activities may affect the market value of the Notes.

Risks Relating to the Benchmark

The market continues to develop in relation to SOFR.

For each Floating Rate Interest Period, the interest rate on the Notes is based on a daily compounded SOFR rate calculated using the formula
described in “Description of the Notes” below.

There currently is no uniform market convention with respect to the
calculation of daily compounded SOFR or SOFR generally. Market terms for debt securities indexed to SOFR, such as the spread over the index reflected in interest rate provisions and the formula and related conventions described in
“Description of the Notes” below to calculate