Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 23

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 23
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 (ii) any analogous 
 restrictions arising in respect of failure to meet capital adequacy, loss absorbing capacity, leverage or buffer requirements under the Relevant Rules.                                          |

| “Parity Securities” means, (i) the most senior ranking class or classes of preference shares in our capital from time to time and any other of our securities ranking, or expressed to rank, pari passu                                           
 with the Securities and/or such senior preference shares in our winding-up or administration as described under “Description of the Securities— Subordination,” and/or (ii) any                                                                   
 securities issued by any other member of the HSBC Group where the terms of such securities benefit from a guarantee or support agreement entered into by us which ranks or is expressed to rank pari passu with the Securities and/or such senior 
 preference shares in our winding-up or administration as described under “Description of the Securities—Subordination.”                                                                                                                           |

| “Relevant Distributions” means, in relation to any interest payment date, the sum of (i) all distributions or                                                                                                                                        
 interest payments made or declared by us since the end of the last financial year and prior to such interest payment date on or in respect of any Parity Securities, the Securities and any Junior Securities and (ii) all distributions or interest 
 payments payable by us (and not cancelled or deemed to have                                                                                                                                                                                          |

S-14

| been cancelled) on such interest payment date on or in respect of any Parity Securities, the Securities and any Junior Securities, in the case of each of (i) and (ii), excluding any payments 
 already accounted for in determining the Distributable Items.                                                                                                                                  |

| “Solvency Condition” means the condition that, other than in the event of our winding-up or administration, as described in “Description of the                                                                                                          
 Securities—Subordination,” or with respect to the payment of the cash proceeds from any Conversion Shares Offer Consideration, as described under “Description of the Securities— Automatic Conversion Upon Capital Adequacy                             
 Trigger Event— Conversion Shares Offer,” payments in respect of, or arising from, the Securities will be conditional (x) upon our being solvent at the time of payment by us, and (y) in that no sum in respect of or arising                            
 from the Securities may fall due and be paid except to the extent that we could make such payment and still be solvent immediately thereafter. For purposes of determining whether the Solvency Condition is met, we will be considered to be solvent at 
 a particular point in time if (x