Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 43

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 43
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 we have loaned or otherwise advanced the proceeds received from the issuance of the Notes to such subsidiary”) and to any of our indebtedness
that is secured by property or assets to the extent of the value of the property or assets securing such indebtedness.

In the event of
our winding up, holders of Notes may recover from the value of our assets to satisfy their claims only after our secured creditors have been paid in full. In addition, the claims of creditors holding securities that rank pari passu with the
Notes may reduce the amount recoverable by holders of Notes. Therefore, holders of Notes may lose all or some of their investment in the Notes in the event of our winding up. In addition, the Notes do not contain any restriction on us issuing
securities that may have preferential rights to the Notes or securities with similar or different provisions to those described herein.

Our holding company structure may mean that our rights to participate in assets of any of our subsidiaries upon its liquidation may be subject to prior claims of some of its creditors, including when we have loaned or otherwise advanced the proceeds received from the issuance of the Notes to such subsidiary.

The Notes are our obligations exclusively and are not guaranteed by any person,
including any of our subsidiaries. We are a non-operating holding company and, as such, our principal source of income is derived from our operating subsidiaries that hold the principal assets of the HSBC
Group. As a separate legal entity, we rely on, among other things, remittance of our subsidiaries’ loan and debt securities interest payments and dividends in order to be able to meet our obligations to you as they fall due. The ability of our
subsidiaries and affiliates to pay dividends and (in certain circumstances) interest payments could be restricted by changes in regulation, statutory/contractual restrictions, exchange controls, tax laws and other requirements, which may, in turn,
restrict our ability to pay any amounts due under the Notes.

In addition, because we are a holding company, our rights to participate in
the assets of any subsidiary if it is liquidated will be subject to the prior claims of its creditors and any preference shareholders, except to the extent that we may be a creditor with recognized claims ranking ahead of or pari passuwith
such prior claims against the subsidiary.

We also have absolute discretion as to how we make our investments in, or advance funds to, our
subsidiaries, including any proceeds of issuances of debt securities, such as the Notes, and as to how we may restructure