Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 36

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 36
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| • |     | Upon the occurrence of an automatic conversion, your rights will be subordinated further. |

| • |     | Upon an automatic conversion, we may elect, at our sole and absolute discretion, to offer all or some of the                                                                                                                                 
 conversion shares to our Ordinary Shareholders at a cash price, subject to certain conditions. In that case, you may receive consideration involving a cash component instead of conversion shares and would not know the composition of any 
 consideration until the end of the period during which the conversion shares offer will occur.                                                                                                                                               |

| • |     | If any person acquires control of HSBC Holdings, the Securities may be convertible into shares in an entity other 
 than us or into unlisted shares.                                                                                  |

Risks relating to the exercise of the UK bail-inpower or other regulatory powers

| • |     | The Securities are the subject of the UK bail-in power, which may result                                                
 in your Securities being written down to zero or converted into other securities, including unlisted equity securities. |

| • |     | Under the terms of the Securities, you will agree to be bound by the exercise of any UK bail-in power by the relevant regulator. Your rights to challenge any relevant regulator’s decision to exercise its UK bail-in power will be limited or circumscribed. |

| • |     | Other powers contemplated by the Banking Act may affect your rights under, and the value of your investment in, 
 the Securities.                                                                                                 |

| • |     | The circumstances under which the relevant regulator would exercise its UK                                                                                                 
 bail-in power or other regulatory powers under the Banking Act or future legislative or regulatory proposals are uncertain, which may affect the value of your Securities. |

S-24

RISK FACTORS

An investment in the Securities involves significant risk. Accordingly, you should consider carefully all of the information set forth in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus, before you decide to invest in the Securities. Terms which are defined in “Description of the Securities” included in this prospectus supplement beginning on page S-55have the same meaning when used in this section.

Risks Relating to HSBC’s Business

For information on risks relating to HSBC’s business, you should read the risks described in the 2024 Form 20-F, including the section entitled “Risk factors” on pages 154 through 166, Note 28 (Provisions) and Note 35 (Legal proceedings and regulatory matters) to