Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 139

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 139
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 the undated subordinated debt securities will be subject, will be governed by, and construed in accordance with, the laws of England and Wales. In the event of our winding up, holders of undated subordinated debt securities will be treated in the same way as they would be treated if they were holders of a class of preference shares in our capital having a preferential right to a return of assets in such winding up over the holders of all other classes of shares in our capital for the time being issued and outstanding; they will receive an amount equal to the principal amount of the undated subordinated debt securities of such series then outstanding together with accrued interest, if any, to the extent that a holder of such class of preference shares would receive an equivalent amount. Defaults and Events of Default.Unless otherwise provided in a prospectus supplement with respect to any series of subordinated debt securities, it will be an event of default with respect to subordinated debt securities of a series if:

| (a) | an order is made by an English court which is not successfully appealed within 30 days after the date such                                            
 order was made for our winding up other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or |

| (b) | an effective resolution is validly adopted by our shareholders for our winding up other than in connection with 
 a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency.                              |

Unless otherwise provided in a prospectus supplement with respect to any series of dated subordinated debt securities and subject to the paragraph below relating to circumstances in which a relevant failure will not be a default, it will be a default with respect to dated subordinated debt securities of a series if any one of the following events occurs:

| (a) | failure to pay principal or premium, if any, on the dated subordinated debt securities of such series at 
 maturity, and such default continues for a period of 30 days; or                                         |

| (b) | failure to pay any interest on the dated subordinated debt securities of such series when due and payable, 
 which failure continues for 30 days.                                                                       |

23

Unless otherwise provided in a prospectus supplement with respect to any series of undated subordinated debt securities and subject to the paragraph below relating to circumstances in which a relevant failure will not be a default, it will be a default with respect to undated subordinated debt securities of a series if:

| (a) | any missed payment is not paid on or prior