Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 62

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 62
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 the State of New York, (ii) you will not (and waive any right to) seek,
and will not (and waive any right to) direct the trustee (acting on your behalf) to seek, any other remedy against us in respect of any breach by us of a Performance Obligation, (iii) you will not (and waive any right to) enforce, and will not
be entitled to enforce (and waive any such entitlement), or otherwise claim (and waive any other right to claim) a Monetary Judgment against us, except by proving such Monetary Judgment in our winding-up or
administration and (iv) to the extent permitted by the Trust Indenture Act, you will waive any and all claims, in law and/or in equity, against the trustee for, and agree not to initiate a suit, against the trustee in respect of, and agree that
the trustee will not be liable for, any action that the trustee takes, or abstains from taking, in connection with your right to enforce a Performance Obligation in accordance with the terms of the Indenture. For the avoidance of doubt, the trustee
and the

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securityholders will not have the right to declare the principal amount of the Securities to be due and payable or institute proceedings for the winding up of the issuer solely due to the
exercise of any UK bail-in power by the relevant UK resolution authority.

You will bear the risk of depreciation of pounds sterling against the U.S. dollar.

The Conversion Price is fixed at $3.4147 per Conversion Share, subject to
certain anti-dilution adjustments (see “Description of the Securities—Anti-dilution—Adjustmentof Conversion Price and Conversion Shares Offer Price”). Our ordinary shares trade primarily in pounds sterling, as well as in Hong Kong dollars. The U.S. dollar value of our ordinary shares may fluctuate depending on the exchange rate between the U.S. dollar and pounds sterling (or any
other currency in which our ordinary shares may trade). For example, if pounds sterling (or any other currency in which our ordinary shares may trade) depreciates relative to the U.S. dollar, the U.S. dollar value of our ordinary shares will
decrease. Because the Conversion Price is denominated in U.S. dollars, depreciation of pounds sterling (or any other currency in which our ordinary shares may trade) against the U.S. dollar may result in the U.S. dollar value of any Conversion
Shares you receive following an Automatic Conversion being significantly less