Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 34

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 34
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| • |     | The remedies under the Securities are more limited than those typically available to our unsubordinated 
 creditors.                                                                                              |

| • |     | Changes to any credit rating assigned to HSBC Holdings or the Securities may affect the market value of the 
 Securities.                                                                                                 |

Risks relating to the potential cancellation of interest on the Securities

| • |     | Interest on the Securities will be due and payable on an interest payment date only if it is not cancelled or                                                                                                                                   
 deemed to have been cancelled, and we may cancel interest (in whole or in part), in our absolute and sole discretion, at any time. After cancellation of interest on the Securities, you will have no rights to such interest or to receive any 
 additional interest or compensation as a result of such cancellation.                                                                                                                                                                           |

| • |     | Regulatory capital or leverage requirements to which we are subject may result in restrictions on making interest                               
 payments in respect of the Securities, in which case interest payments will be cancelled. You may not be able to anticipate these developments. |

| • |     | Our failure to meet the requirements of regulatory stress tests could result in our taking steps to improve our                                                                                                              
 capital position and may otherwise adversely affect us. This may result in a need to conserve capital, which could include, for example, exercising our discretion to cancel interest payments in respect of the Securities. |

| • |     | As a holding company, our level of distributable profits is affected by a number of factors, principally our                                                                                                                                        
 ability to receive funds from our subsidiaries. In turn, our subsidiaries’ ability to pay dividends is subject to restrictions and regulatory requirements, which may increase. Insufficient distributable profits may restrict our ability to make 
 interest payments on the Securities.                                                                                                                                                                                                                |

Risks relating to the potential occurrence of an automatic conversion or takeover event

| • |     | Upon the occurrence of certain trigger events relating to capital adequacy, the Securities will be subject to an                                                                                                                                        
 automatic conversion into ordinary shares of HSBC Holdings and, upon the occurrence of such conversion, you could lose all or part of the value of your investment in the Securities due to the deterioration in the realizable value of the conversion 
 shares.                                                                                                                                                                                                                                                 |

S-24

| • |     | An automatic conversion will occur if, at any time, our non-transitional                                                                                                                                                                                 
 CET1 Ratio is less than 7.0%. You will therefore bear the risk of changes in the non-transitional CET1 Ratio, which are inherently unpredictable