Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 122

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 122
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 or arising from, the Securities will be subordinated to the claims of Senior Creditors. If (i) an order is made, or an effective resolution is passed, for our winding-up(except in any such case for a solvent winding-upsolely for the purpose of our merger, reconstruction or amalgamation, the terms of which reorganization, reconstruction or amalgamation (x) have previously been approved in writing by a majority of the securityholders and (y) do not provide that the Securities will thereby become redeemable or repayable in accordance with the terms of the Securities); or (ii) following the appointment of an administrator for our administration, the administrator declares, or gives notice that it intends to declare and distribute, a dividend, then

| (a) | if such events specified in (i) or (ii) occur prior to the date on which a Capital Adequacy Trigger Event                                                                                                                  
 occurs, there will be payable by us in respect of each Security (in lieu of any other payment by us), such amount, if any, as would have been payable to a securityholder if, on the day prior to the commencement of such 
 winding-up or such administration and thereafter, such securityholder were the                                                                                                                                             |

S-75

| holder of the most senior class of preference shares in our capital, having an equal right to a return of assets in such winding-up or such administration                                                                                            
 to, and so ranking pari passu with, the holders of such class of preference shares (if any) from time to time issued by us that has a preferential right to a return of assets in such winding-up or such                                             
 administration, and so ranking ahead of the holders of all other classes of issued shares for the time being in our capital, but ranking junior to the claims of Senior Creditors, and on the assumption that the amount that such securityholder was 
 entitled to receive in respect of such senior preference shares, on a return of assets in such winding-up or such administration, were an amount equal to the principal amount of the relevant Security, together                                     
 with any accrued and unpaid interest thereon (to the extent not cancelled or deemed to have been cancelled) and any Monetary Judgment (if payable); and                                                                                               |

| (b) | if such events specified in (i) or (ii) occur on or after the date on which a Capital Adequacy Trigger                                                                                                                                                                                                                                                                                                                                                  
 Event occurs but prior to the Conversion Date, there will be payable by us in respect of each Security (