Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 169

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 169
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 being used in a market-making transaction unless
otherwise specified.

S-107

TRADING IN ORDINARY SHARES AND ADSS BY US AND OUR AFFILIATES

Pursuant to an SEC order dated January 23, 2018 under Regulation M under the Exchange Act during distributions of contingent
convertible debt securities qualifying as additional Tier 1 capital, such as the Securities, HSBC Group may bid for, purchase and attempt to induce others, in certain circumstances, to bid for or purchase our Ordinary Shares and ADSs in connection
with specified activities. Our affiliates may continue to engage, including during the offering of the Securities, in one or more market activities involving our Ordinary Shares and ADSs, including derivatives
market-making and hedging, trading by asset managers, trading by trustees and personal representatives, unsolicited brokerage, stock borrowing and lending and taking collateral,
banking-related activities and trading pursuant to employee incentive plans. These market activities have occurred and are expected to continue to occur both outside and inside the United States, solely in the
ordinary course of business and not in contemplation of the offering of the Securities. In addition, our affiliates may, under certain circumstances, participate in the offering of the Securities.

S-108

LEGAL OPINIONS

Certain legal matters in connection with the securities to be offered hereby will be passed upon for us by Cleary Gottlieb Steen &
Hamilton LLP, London, England, our U.S. counsel and English solicitors. The underwriters are being represented by Linklaters LLP, London, England.

S-109

EXPERTS

The financial statements and management’s assessment of the effectiveness of internal control over financial reporting (which is included
in Management’s assessment of internal controls over financial reporting) incorporated in this prospectus supplement by reference to the 2024 Form 20-F have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.

S-110

Prospectus HSBC Holdings plc Subordinated Debt Securities Senior Debt Securities Contingent Capital Securities Ordinary Shares HSBC Holdings plc may offer the following securities for sale through this prospectus (the “securities”):

| • |     | dated subordinated debt securities; |

| • |     | undated subordinated debt securities (together with the dated subordinated debt securities, the 
 “subordinated debt securities”);                                                                |

| • |     | senior debt securities