Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 96

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 96
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 by means we deem reasonable under the circumstances (including, without limitation, issuance of the
Conversion Shares to another nominee or to the securityholders directly), the issuance and/or delivery of the Conversion Shares or Conversion Shares Offer Consideration, as applicable, to the securityholders, and such issuance will irrevocably and
automatically release all of the our obligations under the Securities as if the Conversion Shares had been issued to the Conversion Shares Depository.

Following the issuance of the Conversion Shares to the Conversion Shares Depository on behalf of the securityholders (or to the relevant
recipient in accordance with the terms of the Securities) on the Conversion Date, the Securities will remain in existence until the applicable Cancellation Date for the sole purpose of evidencing the securityholders’ right to receive Conversion
Shares or Conversion Shares Offer Consideration, as applicable, from the Conversion Shares Depository (or the relevant recipient in accordance with the terms of the Securities).

S-62

The Securities will not be convertible into Conversion Shares at the option of the
securityholders at any time.

Conversion Shares

“Conversion Shares” means our ordinary shares to be issued to the Conversion Shares Depository on behalf of the securityholders (or
to the relevant recipient in accordance with the terms of the Securities) following an Automatic Conversion.

The number of Conversion
Shares to be issued to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance with the terms of the Securities) on the Conversion Date will equal the quotient obtained by dividing the
(i) aggregate principal amount of the Securities then outstanding immediately prior to the Automatic Conversion on the Conversion Date (the “Outstanding Amount”) by (ii) the Conversion Price, rounded down, if necessary, to the
nearest whole number of Conversion Shares. The Conversion Price is fixed initially at $3.4147 per Conversion Share and is subject to certain anti-dilution adjustments, as described under
“—Anti-dilution—Adjustmentof Conversion Price and Conversion Shares Offer Price” (the “Conversion Price”). On the Issue Date, the Conversion Price will be equal to
the Conversion Shares Offer Price (based on an exchange rate of £1.00 = $1.2647). The number of Conversion Shares to be held by the Conversion Shares Depository for the benefit of a securityholder will equal the product obtained by multiplying
(i) the number of Conversion Shares thus calculated by (ii) the quotient obtained by dividing (x) the Tradable Amount held by such securityholder on the Conversion