Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 111

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 111
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 conversion, exchange, subscription or purchase price or rate; provided that if, on the Effective Date, such number of ordinary shares is to be determined by reference to the application of a formula or other variable feature or      
 the occurrence of any event at some subsequent time, then “C” will be determined by the application of such formula or variable feature or as if the relevant event occurs or had occurred as of the Effective Date and as if such conversion,          
 exchange, subscription, purchase or acquisition had taken place on the Effective Date.                                                                                                                                                                  |

Such adjustment will become effective on the Effective Date. For the purpose of any calculation of the consideration receivable or price pursuant to this paragraph, the following provisions will apply:

| (i) | the aggregate consideration receivable or price for our ordinary shares issued for cash will be the amount of 
 such cash;                                                                                                    |

| (ii) | (x) the aggregate consideration receivable or price for our ordinary shares to be issued or otherwise made                                                                                                                                       
 available upon the conversion or exchange of any securities will be deemed to be the consideration or price received or receivable for any such securities and (y) the aggregate consideration receivable or price for our ordinary shares to be 
 issued or otherwise made available upon the exercise of rights of subscription attached to any securities or upon the exercise of any                                                                                                            |

S-71

| options, warrants or rights will be deemed to be that part (which may be the whole) of the consideration or price received or receivable for such securities or, as the case may be, for such                                                          
 options, warrants or rights which are attributed by us to such rights of subscription or, as the case may be, such options, warrants or rights or, if no part of such consideration or price is so attributed, the Fair Market Value of such rights of 
 subscription or, as the case may be, such options, warrants or rights as of the relevant Effective Date, plus in the case of each of (x) and (y), the additional minimum consideration receivable or price (if any) upon the conversion or exchange    
 of such securities, or upon the exercise of such rights or subscription attached thereto or, as the case may be, upon exercise of such options, warrants or rights and (z) the consideration receivable or price per ordinary share upon the           
 conversion or exchange of, or upon the exercise of such rights of subscription attached to, such securities or, as the case may be, upon the exercise of such options, warrants or rights will