Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 154

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 154
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 significant equity features”; and |

| • |     | we have made an election in respect of the Securities. |

The Securities would “have no other significant equity features” provided that:

| • |     | the Securities carry neither significant voting rights in HSBC Holdings nor a right to exercise a dominant 
 influence over us;                                                                                         |

| • |     | any provision in the Securities for altering the amount of the debt is limited to write-down or conversion events 
 in certain qualifying cases and that is not a right exercisable by the securityholders;                           |

S-96

| one of the qualifying cases is where a provision is included solely because of a need to comply with a regulatory or other legal requirement; and |

| • |     | any provision for the securityholder to receive anything other than interest or principal is limited to 
 conversion events in qualifying cases.                                                                  |

We will make a valid hybrid capital instrument election in respect of the Securities within the required timeframe pursuant to section 475C of the Corporation Tax Act 2009, and the Securities are not being issued in consequence of, or otherwise in connection with, any arrangements, the main purpose, or one of the main purposes of which, is to secure a tax advantage. It is consequently expected that the HCI rules should apply to the Securities such that they would benefit from the exemption from all stamp duties on transfer. No liability to UK stamp duty or stamp duty reserve tax will generally arise on a cash redemption of Securities, provided no transfer of shares or other securities is effected upon or in connection with such redemption. No liability to UK stamp duty or stamp duty reserve tax will arise for a securityholder on the release of our obligations under the Securities on Automatic Conversion. No liability to UK stamp duty or stamp duty reserve tax will arise for a securityholder on the issuance of new Ordinary Shares in HSBC Holdings plc by us to the securityholder under an Automatic Conversion. UK stamp duty and stamp duty reserve tax may be payable in relation to a Conversion Shares Offer. The above description of the UK stamp duty and stamp duty reserve tax position does not deal with the issue, transfer or agreement to transfer of any Approved Entity Shares. S-97

CERTAIN ERISA CONSIDERATIONS

The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), imposes certain requirements on employee benefit plans
subject to Title I of ERISA and on entities or accounts that are deemed to hold the assets of such plans (“ERISA Plans”), and on those persons who are fiduciaries