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

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 25
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 deemed cancellation of interest (in each case, in whole or in part) in accordance with the                                                           
 terms of the Indenture (as defined below) and the Securities will not constitute a default in payment or otherwise under the terms of the Indenture or the Securities. |

S-14

| Optional Redemption | The Securities will not be redeemable at the option of the securityholders at any time. |

| The Securities may be redeemed in whole (but not in part) at our option in our sole discretion on any business day during any Optional Redemption Period (an “Optional Redemption Date”), at a redemption price                                   
 equal to 100% of the principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption (which interest will exclude any interest that is cancelled or deemed to have been cancelled as described under “Description 
 of the Securities— Interest—Interest Cancellation”).                                                                                                                                                                                              |

| Any redemption of the Securities is subject to the conditions described under “Description of the Securities—Redemption—Redemption or Purchase Conditions.” |

| “Optional Redemption Period” means the period commencing on the date falling six calendar months prior to a Reset Date and ending on such Reset Date (both dates inclusive). |

| Special Event Redemption | The Securities may be redeemed in whole (but not in part) at our option in our sole discretion upon the occurrence of a Tax Event or a Capital Disqualification Event. See “Description of the Securities— Redemption—Special Event              
 Redemption.” In each case, the redemption price for the Securities will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption (which interest will exclude any interest that 
 is cancelled or deemed to have been cancelled as described under “Description of the Securities—Interest—Interest Cancellation”).                                                                                                                |

| Any redemption of the Securities is subject to the conditions described under “Description of the Securities—Redemption—Redemption or Purchase Conditions.” |

| Residual Call | If the outstanding aggregate principal amount of the Securities is 25% or less of the aggregate principal amount of the Securities originally issued (and, for these purposes, any additional securities issued after the Issue Date and consolidated  
 with the Securities as part of the same series shall be deemed to have been originally issued), we may, at our option in our sole discretion, redeem the remaining outstanding Securities in whole (but not in part) at any time at a redemption price 
 equal to 100% of the principal amount of such