Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 32

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 32
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 will pay Additional Amounts in respect of the Securities in the circumstances described under “Description of Contingent Capital Securities— Additional Amounts” in the accompanying prospectus. |

| 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.                                                                                                                                                                                                 |

| “Senior Creditors” means our creditors (i) who are unsubordinated creditors; (ii) whose claims are, or are expressed to be, subordinated to the claims of our unsubordinated creditors but not further                                  
 or otherwise; or (iii) whose claims are, or are expressed to be, junior to the claims of our other creditors, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or 
 junior to, the claims of the securityholders in a winding-up occurring prior to a Capital Adequacy Trigger Event. For the avoidance of doubt, holders of any of our existing or future Tier 2 capital instruments                       
 will be Senior Creditors.                                                                                                                                                                                                               |

S-20

| Form of Securities | The Securities will be issued in the form of one or more global securities registered in the name of the nominee for, and deposited with, DTC. See “Description of Contingent Convertible Securities—Form, Settlement and 
 Clearance” in the accompanying prospectus.                                                                                                                                                                                |

| Trading through DTC, Clearstream Luxembourg and Euroclear | Initial settlement for the Securities will be made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC’s rules and will be settled in immediately available 
 funds using DTC’s Same-Day Funds Settlement System. Secondary market trading between Clearstream Banking S.A. (“Clearstream Luxembourg”) customers and/or Euroclear Bank SA/NV                                                                  
 (“Euroclear”) participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream Luxembourg and Euroclear and will be settled using the procedures applicable to conventional          
 eurobonds in immediately available funds.                                                                                                                                                                                                       |

| Listing | Application has been made to The Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”) for the approval of this document as listing particulars. Application has been made to Euronext Dublin for the Securities to be 
 admitted to the Official List and to trading on