Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 34

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 34
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 out of, or based upon, the Indenture 
 or the Securities may be instituted in any state or federal court in New York City, United States.                                                                                                                                                                                                                                                                              |

S-22

SUMMARY OF RISK FACTORS An investment in the Securities involves significant risk. Below is a summary of the principal factors that make an investment in the Securities speculative or risky. Importantly, this summary does not address all of the risks that we face. In addition to the summary below, you should consider carefully all of the information set forth in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus, including the section entitled “Risk Factors” starting at page S-25,before you decide to invest in the Securities. Risks relating to the Securities being perpetual, subordinated and resettable instruments and to their credit rating

| • |     | The Securities are perpetual and have no fixed maturity and no fixed redemption date. You do not have the right 
 to accelerate the repayment of the principal amount of the Securities before HSBC Holdings is wound-up.         |

| • |     | We may redeem the Securities upon the occurrence of certain tax or regulatory events or during any Optional                                                                                        
 Redemption Period. Certain of such events may occur at any time after the Issue Date and it is therefore possible that we would be able to redeem the Securities at any time after the Issue Date. |

| • |     | The interest rate on the Securities will reset on each Reset Date. Following any Reset Date, the interest rate on                                
 the Securities may be less than the applicable Initial Interest Rate and/or the interest rate that applies immediately prior to such Reset Date. |

| • |     | The remedies under the Securities are more limited than those typically available to our unsubordinated 
 creditors.                                                                                              |

| • |     | Changes to any credit rating assigned to HSBC Holdings or the Securities may affect the market value of the 
 Securities.                                                                                                 |

Risks relating to the potential cancellation of interest on the Securities

| • |     | Interest on the Securities will be due and payable on an interest payment date only if it is not cancelled or                                                                                                                                   
 deemed to have been cancelled, and we may cancel interest (in whole or in part), in our absolute and sole discretion, at any time. After cancellation of interest on the Securities, you will have no rights to such interest or to receive any 
 additional interest or compensation as a result of such cancellation.                                                                                                                                                                           |

| • |     | Regulatory capital or leverage requirements to