Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 1

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 1
---
 are perpetual and have no fixed maturity or fixed redemption date. As a result, you may not receive any payments with respect to the Securities as we are not required to pay the principal amount of the Securities at any time prior to a Winding-upEvent and we will have the sole and absolute discretion at all times and for any reason to cancel in whole any interest payment.

We may redeem the Securities in our sole discretion in whole (but not in part) at 100% of their principal amount plus any accrued and unpaid
interest to (but excluding) the date of redemption (excluding any cancelled or deemed to have been cancelled interest) during any Optional Redemption Period (as defined below).

We may, at our option in our sole discretion, if the outstanding aggregate principal amount of the Securities is 25% or less of the aggregate
principal amount of the Securities originally issued (and, for these purposes, any additional securities issued after the Issue Date and consolidated with the Securities as part of the same series shall be deemed to have been originally issued),
redeem the remaining outstanding Securities in whole (but not in part) at any time at a redemption price equal to 100% of the principal amount of such outstanding Securities 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”). See “Description of the Securities—Redemption—Residual Call.”

Moreover, we may redeem the Securities upon the occurrence of certain tax and
regulatory events as described in this prospectus supplement under “Description of the Securities—Redemption—Special Event Redemption.” Any redemption of the Securities is subject to the conditions described in this
prospectus supplement under “Description of the Securities—Redemption—Redemption or Purchase Conditions.”

If a
Capital Adequacy Trigger Event occurs, then an Automatic Conversion will occur without delay (but no later than one month following the date on which it is determined such Capital Adequacy Trigger Event has occurred), at which point all of our
obligations under the Securities will be released irrevocably and automatically in consideration of our issuance of Conversion Shares to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance
with the terms of the Securities) on the Conversion Date, and under no circumstances will such released obligations be reinstated. On the Settlement Date, we expect the Conversion Shares Depository to deliver to