Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 51

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 51
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 as reducing capital and/or leverage exposures and/or taking steps to conserve capital, which could include reducing discretionary payments (for
example, potentially exercising our discretion to cancel (in whole or in part) interest payments in respect of the Securities).

The Securities may trade with accrued interest even though interest may not be paid on the relevant interest payment date.

The Securities may trade,
and/or the prices for the Securities may appear, on the GEM and in other trading systems with accrued interest. However, if a payment of interest on any interest payment date is cancelled or deemed to have been cancelled (in each case, in whole or
in part) and thus is not due and payable (see “—Risks Relating to the Securities—Interest on the Securities will be due and payable on an interest payment date only if it is not cancelled or deemed to have been cancelled, and we may cancel interest (in whole or in part), in our absolute and sole discretion, at any time”), you will not be entitled to that interest payment (in whole or in part, as applicable) on the relevant interest payment date. This may affect
your ability to sell your Securities in the secondary market and, as a result, the value of your investment in the Securities.

The interest rate on the Securities will reset on each Reset Date.

The interest rate on the Securities will initially be the Initial Interest Rate,
from (and including) the Issue Date to (but excluding) December 5, 2030, the initial Reset Date. However, the interest rate will be reset every five years on each Reset Date, such that the applicable per annum interest rate will be equal to the
sum of the Margin and the applicable Reference Rate on the relevant Reset Determination Date. As a result, the interest rate following any Reset Date may be less than the Initial Interest Rate and/or the interest rate that applies immediately prior
to such Reset Date, which would affect the amount of any interest payments under the Securities, and, by extension, could affect their market value.

We may redeem the Securities for certain tax or regulatory reasons or during any Optional Redemption Period.

We may redeem the Securities in whole (but not in part) upon the occurrence of a Tax Event or a Capital Disqualification Event, as more
particularly described under “Description of the Securities—Redemption— Special Event Redemption.” Certain of such events may occur at any time after the Issue Date and it is therefore possible that we would be able
to redeem the Securities at any time after the Issue Date. A Tax