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

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 25
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 the date of redemption (which interest will exclude any interest that is cancelled or deemed to have been cancelled as described under “Description 
 of the Securities— Interest—Interest Cancellation”).                                                                                                                                                                                              |

| Any redemption of the Securities is subject to the restrictions described under “Description of the Securities—Redemption—Redemption Conditions.” |

| “Optional Redemption Period” means the period commencing on the date falling six calendar months prior to a Reset Date and ending on such Reset Date (both dates inclusive). |

| Special Event Redemption | The Securities may be redeemed in whole (but not in part) at our option in our sole discretion upon the occurrence of a Tax Event or a Capital Disqualification Event. See “Description of the Securities— Redemption—Special Event              
 Redemption.” In each case, the redemption price for the Securities will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption (which interest will exclude any interest that 
 is cancelled or deemed to have been cancelled as described under “Description of the Securities—Interest—Interest Cancellation”). Any redemption of the Securities is subject to the conditions described under                                  
 “Description of the Securities—Redemption—Redemption Conditions.”                                                                                                                                                                                |

| Notice of Redemption | Any redemption of the Securities will be subject to our giving prior notice to the securityholders as described under “Description of the Securities—Redemption—Notice of Redemption.” |

| A redemption notice will be automatically rescinded and will have no force and effect, and no redemption amount will be due and payable, if either (x) the Solvency Condition is not satisfied in respect of the                            
 relevant redemption amount on the applicable redemption date, (y) a Capital Adequacy Trigger Event occurs prior to the applicable redemption date (in which case, an Automatic Conversion will occur as described under “Description of the 
 Securities—Automatic Conversion Upon Capital Adequacy Trigger Event”) or (z) the relevant UK resolution authority exercises its UK bail-in power prior to the applicable redemption date.                                                   |

| Capital Adequacy Trigger Event | A “Capital Adequacy Trigger Event” will occur if at any time the non-transitional CET1 Ratio is less than 7.0%. Whether a Capital Adequacy Trigger Event has occurred at any time will be 
 determined by us, the Relevant Regulator or any agent of the Relevant Regulator appointed for such purpose by the Relevant Regulator.                                                     |

S-16

| “non-transitional CET1 Ratio” means, as