Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 40

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 40
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—Risks Relating to the Notes—Our holding company structure may mean that our rights to participate in assets of any of our subsidiaries upon its liquidation may be subject to prior claims of some of its creditors, including when we have loaned or otherwise advanced the proceeds received from the issuance of the Notes to such subsidiary”) and to any of our indebtedness that is secured by property or assets to the
extent of the value of the property or assets securing such indebtedness.

In the event of our winding up, the Notes will be subordinated
in right of payment to the claims of all our other creditors (including those creditors holding any securities we may issue that rank senior to the Notes, such as those issued to meet MREL/TLAC requirements), other than claims which by their terms
are, or are expressed to be, subordinated to, or pari passu with, the Notes. As a result, in the event of our winding up, holders of Notes may recover from the value of our assets to satisfy their claims only after our creditors that rank
senior to the Notes have been paid in full. In addition, the claims of creditors holding securities that rank pari passu with the Notes may reduce the amount recoverable by holders of Notes. Therefore, holders of Notes may lose all or some of
their investment in the Notes in the event of our winding up. In addition, the Notes do not contain any restriction on us issuing securities that may have preferential rights to the Notes or securities with similar or different provisions to those
described herein.

S-27

Our holding company structure may mean that our rights to participate in assets of any of our subsidiaries upon its liquidation may be subject to prior claims of some of its creditors, including when we have loaned or otherwise advanced the proceeds received from the issuance of the Notes to such subsidiary.

The Notes are our obligations exclusively and are not guaranteed by any person, including any of our subsidiaries. We are a non-operating holding company and, as such, our principal source of income is derived from our operating subsidiaries that hold the principal assets of the HSBC Group. As a separate legal entity, we rely on, among
other things, remittance of our subsidiaries’ loan and debt securities interest payments and dividends in order to be able to meet our obligations to you as they fall due. The ability of our subsidiaries and affiliates to pay dividends and (in
certain circumstances) interest payments could be restricted by changes in regulation, statutory/contractual restrictions, exchange