Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 116

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 116
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 Securities and (ii) ensure that, for so long as the Securities are outstanding, its
ordinary share capital shall continue to constitute Approved Entity Shares. In addition, we will retain the right to elect in the Conversion Shares Offer Notice that the Conversion Shares Depository make a Conversion Shares Offer at the New
Conversion Shares Offer Price.

The New Conversion Price and the New Conversion Shares Offer Price each will be subject to adjustment in
the circumstances provided for under “—Anti-dilution—Adjustmentof Conversion Price and Conversion Shares Offer Price” (if necessary with such modifications and amendments as
an Independent Financial Adviser will determine to be appropriate), and we will give notice to the securityholders of the New Conversion Price and the New Conversion Shares Offer Price and of any such modifications and amendments thereafter.

In the case of a Qualifying Takeover Event we will, to the extent permitted by applicable law and regulation, on or prior to the QTE Effective
Date, enter into such agreements and arrangements (including, without limitation, supplemental indentures to the Indenture and amendments and modifications to the terms and conditions of the Securities and the Indenture) as may be required to ensure
that, effective upon the QTE

S-74

Effective Date, the Securities will (following the occurrence of a Capital Adequacy Trigger Event) be convertible into, or exchangeable for, Approved Entity Shares, mutatis mutandisin accordance with, and subject to, the provisions under “— Automatic Conversion Upon Capital Adequacy Trigger Event,” at the New Conversion Price. From and after the QTE Effective Date, we will no longer have any obligation to deliver HSBC Holdings plc ordinary shares or any Approved Entity Shares to the Conversion Shares Depository, which will be the obligation of the Approved Entity pursuant to the terms of such agreements or arrangements with the trustee entered into by the Approved Entity. For the avoidance of doubt, if for any reason (including, without limitation, because the Acquirer is a Governmental Entity), a Takeover Event fails to be Qualifying Takeover Event, there will not be any automatic adjustment to the terms of the Securities, whether in the manner provided in respect of Qualifying Takeover Events, or at all. Subordination The Securities will constitute our direct, unsecured and subordinated obligations, ranking equally without any preference among themselves. The rights and claims of the securityholders in respect of, or arising from, the Securities will be subordinated to the claims of Senior Creditors. If (i) an order is made