Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 78

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 78
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 risk
profile of such a deposit.

The issue price, interest rate and yield to maturity of the Securities are expected to reflect the additional
risks borne by investors therein when compared to those of depositors. For example, the Securities do not benefit from any protection provided pursuant to the UK law which implemented the EU Deposit Guarantee Scheme Directive (2014/49/EU), such as
the UK Financial Services Compensation Scheme. Therefore, if we become insolvent or default on our obligations, investors could lose their entire investment. Additionally, the Securities may be subject to the capital instruments and liabilities write-down and conversion power (which does not apply to ordinary bank deposits) and the Securities would be subject to the bail-in tool before it is applied to bank deposits
(to the extent that such deposits are subject to the bail-in tool at all). See “—Risks Relating to the Securities—The Securities are the subject of the UK bail-inpower, which may result in your Securities being written down to zero or converted into other securities, including unlisted equity securities.”

S-49

The Securities constitute a new issue of securities by us and we cannot guarantee that an active public market for the Securities will develop or be sustained.

The Securities will constitute a new issue of securities by us.
Prior to our present issuance of Securities, there will have been no public market for the Securities. Even though the Securities are expected to have greater liquidity than a bank deposit given that bank deposits are generally not transferable,
there can be no assurance that an active public market for the Securities will develop. See “—Risks Relating to the Securities—The Securities are not bank deposits.” Although application has been made to Euronext Dublin
for the Securities to be admitted to the Official List and to trading on the GEM (the exchange-regulated market of Euronext Dublin), there can be no assurance that an active public market for the Securities will develop and, if such a market were to
develop, we and the underwriters are under no obligation to maintain such a market. In addition, the ability of the underwriters to make a market in the Securities (if applicable) may be impacted by changes in regulatory requirements applicable to
the marketing, holding and trading of, and issuing quotations with respect to, the Securities. The liquidity and the market prices for the Securities can be expected to vary with changes in market and economic conditions and our financial condition
and prospects and other factors that generally influence the market prices of securities.

Our credit ratings may not reflect all