Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 69

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 69
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 the terms of the Indenture following the occurrence of a Capital Adequacy Trigger Event.

Moreover, to the extent the UK bail-in power is exercised pursuant to the Banking Act or otherwise,
any securities issued upon conversion of your Securities may not meet the listing requirements of any securities exchange, and our outstanding listed securities may be delisted from the securities exchanges on which they are listed. Any securities
you receive upon conversion of your Securities (whether debt or equity) may not be listed for at least an extended period of time, if at all, or may be on the verge of being delisted by the relevant exchange, including, for example, our American
depositary receipts listed on the New York Stock Exchange, or our ordinary shares listed on the London Stock Exchange or otherwise. Additionally, there may be limited, if any, disclosure with respect to the business, operations or financial
statements of the issuer (which may be an entity other than HSBC Holdings) of any securities issued upon conversion of your Securities, or the disclosure with respect to any existing issuer may not be current to reflect changes in the business,
operations or financial statements as a result of the exercise of the UK bail-in power.

Moreover,
the exercise of the UK bail-in power and/or other actions implementing the UK bail-in power may require interests in the Securities to be held or taken, as the case may
be, through clearing systems, intermediaries or persons other than DTC. Notably, in some circumstances, the relevant UK resolution authority may decide to apply a deferred bail-in, where liabilities are not
written down at the start of the resolution but are

S-44

transferred to a depositary to hold during the bail-in period with the terms of the write-down being determined at a later point in the bail-in period. Furthermore, the trustee may be unwilling to continue serving in its capacity as trustee for the Securities, subject to the terms of the Indenture. As a result, there may not be an active market for
any Securities you may hold after the exercise of the UK bail-in power.

You should consider the
risk that you may lose all of your investment, including the principal amount plus any accrued interest, if the UK bail-in power is acted upon or that any remaining outstanding Securities or securities into
which your Securities are converted, including our ordinary shares, may be of little value at the time of conversion and thereafter. In addition, trading behavior, including prices and volatility, may be affected by the threat of bail-in and,