Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 82

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 82
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 current macroeconomic environment, the Russia-Ukraine war and the conflict in the Middle
East.

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

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

S-49

The Securities may be assigned a credit rating below investment grade in the future, in which case the Securities will be subject to the risks associated with non-investmentgrade securities.

The Securities are expected to be assigned a credit rating slightly above investment grade. However, rating agencies that are expected to
assign ratings to the Securities may adopt methodology changes that may result in lowering the credit rating of the Securities to below investment grade. Moreover, after the Issue Date, we may seek a credit rating on the Securities from additional
rating agencies, any of which may assign a credit rating to the Securities below investment grade, including due to methodology changes between the Issue Date and the date the credit rating is assigned. See “Our credit ratings may not reflect all risks of an investment in the Securities, and changes to any credit rating assigned to us or the Securities may affect the market value of the Securities.”

If the Securities are not considered to be investment grade securities, they will be subject to a higher risk of price volatility than more
highly rated securities. Furthermore, increases in leverage or deteriorating outlooks for us or volatile markets could lead to a significant deterioration in market prices of below-investment grade rated
securities.

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 Securities 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.

You will be responsible for any taxes following an Automatic Conversion.

Neither we nor any member of the HS