Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 53

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 53
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 or Conversion Shares Offer Consideration, as applicable, than would be the case under the arrangements expected to be entered into with a Conversion Shares Depository. Nevertheless, such issuance also
will irrevocably and automatically release all of our obligations under the Securities as if the Conversion Shares had been issued to the Conversion Shares Depository.

You will bear the risk of changes in the non-transitionalCET1 Ratio.

The value of your Securities is expected to be affected by changes in the non-transitional CET1 Ratio.
Any indication that the non-transitional CET1 Ratio is moving towards the level of a Capital Adequacy Trigger Event may have an adverse effect on the value of your Securities. Moreover, we currently only
publicly report the non-transitional CET1 Ratio quarterly as of the period end, and therefore, there may be no prior warning of adverse changes in our non-transitional
CET1 Ratio. Any unexpected change in the non-transitional CET1 Ratio that we report or anticipate in our quarterly reports or otherwise, or that is anticipated by the market, may lead to an immediate and
significant decrease in the value of your Securities. See “—Risks Relating to the Securities—The circumstances surrounding or triggering an Automatic Conversion are unpredictable” for a description of factors that may
increase the risk of occurrence of a Capital Adequacy Trigger Event, including the implementation of the Basel standards in the UK after the date hereof.

S-35

The circumstances surrounding or triggering an Automatic Conversion are unpredictable.

The occurrence of a Capital Adequacy Trigger Event is inherently unpredictable and depends on a number of factors, including those discussed in
greater detail in the following paragraphs, any of which may be outside our control.

A Capital Adequacy Trigger Event could occur on any
date on which the non-transitional CET1 Ratio is below 7.0%, as determined by us, the Relevant Regulator or any agent of the Relevant Regulator appointed for such purpose by the Relevant Regulator. Although we
currently publicly report the non-transitional CET1 Ratio only as of the last day of each of our financial quarters, the PRA, as part of its supervisory activity, may instruct us to calculate such ratio as of
any date, including if we are subject to recovery and resolution actions by the relevant UK resolution authority. Moreover, we might otherwise determine to calculate such ratio in our own discretion. Accordingly, a Capital Adequacy Trigger Event
could occur on any date, which could cause you to lose all or part of the value of your investment in