Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 63

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 63
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 than the price implied by the Conversion Price.

If a
Conversion Shares Offer is made, the Conversion Shares Offer Price will be in pounds sterling and the cash consideration received for any Conversion Shares sold in such Conversion Shares Offer initially will be denominated in pounds sterling. Such
pounds sterling cash consideration will be converted into U.S. dollars at the Prevailing Rate as of the date on which the cash proceeds are delivered to you (less the pro ratashare of any foreign exchange transaction costs). Accordingly, a
decline in the value of pounds sterling relative to the U.S. dollar between the Issue Date and the date on which the cash proceeds are converted into U.S. dollars will result in your receiving an amount of cash proceeds in U.S. dollars that is less
than if the Conversion Shares had been sold at the Conversion Price.

In addition, following a Capital Adequacy Trigger Event there may be
a delay in your receiving your Conversion Shares (in particular if we elect that a Conversion Shares Offer be conducted) and/or a delay in converting the pounds sterling cash consideration into U.S. dollars after the Conversion Shares Offer, during
which time the exchange rate of pounds sterling against the U.S. dollar may further decline.

No interest or other compensation is payable
in the event of a loss by you due to foreign currency conversions.

As a result, the realizable value in U.S. dollars of the Conversion
Shares upon a Capital Adequacy Trigger Event could be substantially lower than that implied by the U.S. dollar price paid for the Securities at the time of their purchase.

You do not have anti-dilutionprotection in all circumstances.

The number of Conversion 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) on the Conversion Date will equal the quotient obtained by dividing the (i) aggregate principal amount of the Securities then outstanding immediately prior to the Automatic Conversion on the
Conversion Date by (ii) the Conversion Price, rounded down, if necessary, to the nearest whole number of Conversion Shares. The Conversion Price is fixed at the time of issue of the Securities at $3.4147 per Conversion Share. Although the
Conversion Price will be adjusted in certain instances in an effort to preserve your economic interest in us, including if there is a consolidation, reclassification or subdivision of our ordinary shares which alters the number of our ordinary
shares in issue, an issuance of ordinary shares in certain circumstances by way of capital