Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 65

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 65
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 a conversion of the Securities and (ii) ensure that, for so long as the Securities
are outstanding, its ordinary share capital shall continue to constitute Approved Entity Shares pursuant to, and subject to the conditions specified under, “Description of the Securities—Qualifying Takeover Event.” If we are
unable to enter into such arrangements within seven business days following the occurrence of a Takeover Event, the New Conversion Condition would not be satisfied.

If our ordinary shares become delisted following a non-Qualifying Takeover Event or otherwise, the
Securities will be convertible into unlisted ordinary shares upon an Automatic Conversion. Unlisted shares may be more illiquid than listed shares, and therefore, may have little or no resale value. In addition, where a non-Qualifying Takeover Event occurs because the Acquirer is a Governmental Entity (and therefore not an Approved Entity), the Securities will not be convertible into, or exchangeable for, any securities or other
instruments of such Governmental Entity or any other person or entity (other than us). Accordingly, a Takeover Event that is not a Qualifying Takeover Event is likely to have an adverse effect on the value of the Securities.

Under the terms of the Securities, you will agree to be bound by the exercise of any UK bail-inpower by the relevant UK resolution authority.

You will agree to be bound by the exercise of any UK
bail-in power (as defined under “Description of the Securities—Definitions”) and you should consider the risk that you may lose all of your investment, including the principal amount plus
any accrued interest, if the UK bail-in power is acted upon or that any remaining outstanding Securities or securities into which the Securities are converted, including our ordinary shares, may be of little
value at the time of conversion and thereafter (as described under “—Risks Relating to the Securities— The Securities are the subject of the UK bail-inpower, which may result in your Securities being written down to zero or converted into other securities, including unlisted equity securities”).

S-42

Specifically, by your acquisition of the Securities, you (which, for these purposes,
includes each beneficial owner) will acknowledge, accept, consent and agree, notwithstanding any other term of the Securities, the Indenture or any other agreements, arrangements or understandings between us and you, to be bound by (a) the
effect of the exercise of any UK bail-in power by the relevant UK resolution authority (as defined under “Description of the