Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 65

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 65
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example, if pounds sterling (or any other currency in which our Ordinary Shares may trade) depreciates relative to the U.S. dollar, the U.S. dollar value of our Ordinary Shares will decrease. Because the Conversion Price is denominated in U.S.
dollars, depreciation of pounds sterling (or any other currency in which our Ordinary Shares may trade) against the U.S. dollar may result in the U.S. dollar value of any Conversion Shares you receive following an Automatic Conversion being
significantly less than the price implied by the Conversion Price.

If a Conversion Shares Offer is made, the Conversion Shares Offer
Price will be in pounds sterling and the cash consideration received for any Conversion Shares sold in such Conversion Shares Offer initially will be denominated in pounds sterling. Such pounds sterling cash consideration will be converted into U.S.
dollars at the Prevailing Rate as of the date on which the cash proceeds are delivered to you (less the pro ratashare of any foreign exchange transaction costs). Accordingly, a decline in the value of pounds sterling relative to the U.S.
dollar between the Issue Date and the date on which the cash proceeds are converted into U.S. dollars will result in your receiving an amount of cash proceeds in U.S. dollars that is less than if the Conversion Shares had been sold at the Conversion
Price.

In addition, following a Capital Adequacy Trigger Event there may be a delay in your receiving your Conversion Shares (in
particular if we elect that a Conversion Shares Offer be conducted) and/or a delay in converting the pounds sterling cash consideration into U.S. dollars after the Conversion Shares Offer, during which time the exchange rate of pounds sterling
against the U.S. dollar may further decline.

No interest or other compensation is payable in the event of a loss by you due to foreign
currency conversions.

As a result, the realizable value in U.S. dollars of the Conversion Shares upon a Capital Adequacy Trigger Event
could be substantially lower than that implied by the U.S. dollar price paid for the Securities at the time of their purchase.

You do not have anti-dilutionprotection in all circumstances.

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 by (ii) the Conversion