Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 77

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 77
---
 a Capital Adequacy Trigger Event.

S-48

You may be subject to disclosure obligations and/or may need approval from our regulator under certain circumstances.

As you may receive Conversion Shares if a Capital Adequacy Trigger Event occurs, an investment in the Securities
may result in your having to comply with certain disclosure and/or regulatory approval requirements pursuant to applicable laws and regulations following an Automatic Conversion. For example, pursuant to Chapter 5 of the Disclosure Rules and
Transparency Rules Sourcebook of the FCA Handbook, we (and the FCA) must be notified by a person when the percentage of voting rights in us controlled by that person (together with its concert parties), by virtue of direct or indirect holdings of
shares aggregated with direct or indirect holdings of certain financial instruments, reaches, exceeds or falls below 3% and every percentage point thereafter.

Furthermore, as Conversion Shares represent voting securities of a parent undertaking of a number of regulated group entities, under the laws
of the UK, the United States and other jurisdictions, ownership of the Securities (or the Conversion Shares) above certain levels may require you to obtain regulatory approval or subject you to additional regulation.

Non-compliance with such disclosure and/or approval requirements may lead to the incurrence of
substantial fines or other criminal and/or civil penalties and/or suspension of voting rights associated with the Conversion Shares. Accordingly, you should consult your legal advisers as to the terms of the Securities, in respect of your existing
shareholding and the level of holding you would have if you receive Conversion Shares following a Capital Adequacy Trigger Event.

The historical levels of the rates applicable to U.S. Treasury securities are not an indication of their future levels.

In the past, the rates
applicable to U.S. Treasury securities have experienced significant fluctuations. You should note that historical levels, fluctuations and trends of the rates applicable to U.S. Treasury Securities (and, therefore, the Reference Rate) are not
necessarily indicative of future levels. Any historical upward or downward trend in the rates applicable to U.S. Treasury securities (and the Reference Rate) is not an indication that such rates are more or less likely to increase or decrease at any
time during an interest period, and you should not take the historical levels of the rates applicable to U.S. Treasury securities (and the Reference Rate) as an indication of their future performance.

The Securities are not bank deposits.

An investment in the Securities is not equivalent to an investment in a bank deposit and carries risks that are very different from the