Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 81

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 81
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 Conversion Shares Offer Price even though you do not receive a corresponding cash distribution.

The Conversion Price and the Conversion Shares Offer Price
are subject to adjustment in certain circumstances, as described under “Description of the Securities—Anti-Dilution.” If, as a result of adjustments (or failure to make
adjustments), your proportionate interest in our assets or earnings were deemed to be increased for U.S. federal income tax purposes, you may be treated as having received a taxable distribution for these purposes, without the receipt of any cash or
property. See “Taxation—United States Federal Income Tax Considerations” for a further discussion of these U.S. federal tax implications.

Our gross-upobligation under the Securities is limited to payments of interest.

Our obligation to pay Additional Amounts in respect of any withholding or deduction in respect of UK taxes under the terms of the Securities
applies only to payments of interest in respect of the Securities and not to payments of principal. Accordingly, we would not be required to pay any Additional Amounts under the terms of the Securities to the extent any such withholding or deduction
applied to payments of principal. In such circumstances, you may receive less than the full amount of principal due in respect of the Securities, and the market value of the Securities may be adversely affected. See “Description of Contingent Capital Securities—Additional Amounts” in the accompanying prospectus.

S-51

HSBC HOLDINGS PLC

HSBC is one of the largest banking and financial services organizations in the world. As of December 31, 2024, HSBC had total assets of
US$3,017,048 million and total shareholders’ equity of US$184,973 million. For the year ended December 31, 2024, HSBC’s operating profit was US$29,397 million. HSBC had a UK CRR common equity Tier 1 ratio (on a
transitional basis, meaning that the transitional provisions set out in Part Ten of the UK CRR (which, as of December 31, 2024, means the phase-in arrangements for the regulatory capital impact of IFRS 9)
were applied in calculating the ratio) of 14.9% and a UK CRR common equity Tier 1 ratio (on a non-transitional basis, meaning that the transitional provisions set out in Part Ten of the UK CRR were not applied
in calculating the ratio) of 14.9% as of December 31, 2024.

Head