Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 52

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 52
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 Event will

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include, among other things, a change in law (or in its application or official interpretation) after the Issue Date whereby the deductibility for UK tax purposes of interest expense on the
Securities is restricted or the Securities would no longer be treated as loan relationships for UK tax purposes or the Securities (or any part thereof) would become treated as a derivative or an embedded derivative for UK tax purposes.

Moreover, we may redeem the Securities in whole (but not in part) during any Optional Redemption Period, as more particularly described under
“Description of the Securities—Redemption—Optional Redemption.”

Our Optional Redemption on any Optional
Redemption Date may limit the market value of the Securities to the redemption price during the period shortly before any Optional Redemption Date. Moreover, if we redeem the Securities in any of the circumstances mentioned above, you may not be
able to reinvest the redemption proceeds in securities offering a comparable yield.

In addition, any early redemption of any of the
Securities may be subject to conditions imposed by the Relevant Regulator, regardless of whether such redemption would be favorable to you (see “Description of the Securities—Redemption—Redemption or Purchase Conditions”).
As of the date of this prospectus supplement, in particular, Article 78(1) of UK CRR provides that the Relevant Regulator will grant permission to reduce, call, redeem, repay or repurchase the Securities if either: (i) before or simultaneously
with such reduction, call, redemption, repayment or repurchase of the Securities we replace the Securities being reduced, called, redeemed, repaid or repurchased with our own funds instruments of equal or higher quality at terms that are sustainable
for our income capacity; or (ii) we have demonstrated to the satisfaction of the Relevant Regulator that our own funds and eligible liabilities would, following such actions, exceed the requirements set out in UK CRR, Directive 2013/36/EU UK
law (as defined in Article 4A of UK CRR) and in the UK legislation that implemented the BRRD, in each case, by a margin that the Relevant Regulator may consider necessary.

The Securities may be subject to an Automatic Conversion and upon the occurrence of such an event you could lose all or part of the value of your investment in the Securities due to the deterioration in the realizable value of any Conversion Shares.

A “Capital Adequacy
Trigger Event” will occur if at any time the CET1 Ratio is less than