Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 35

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 35
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 which we are subject may result in restrictions on making interest                               
 payments in respect of the Securities, in which case interest payments will be cancelled. You may not be able to anticipate these developments. |

| • |     | Our failure to meet the requirements of regulatory stress tests could result in our taking steps to improve our                                                                                                              
 capital position and may otherwise adversely affect us. This may result in a need to conserve capital, which could include, for example, exercising our discretion to cancel interest payments in respect of the Securities. |

| • |     | As a holding company, our level of distributable profits is affected by a number of factors, principally our                                                                                                                                        
 ability to receive funds from our subsidiaries. In turn, our subsidiaries’ ability to pay dividends is subject to restrictions and regulatory requirements, which may increase. Insufficient distributable profits may restrict our ability to make 
 interest payments on the Securities.                                                                                                                                                                                                                |

Risks relating to the potential occurrence of an automatic conversion or takeover event

| • |     | Upon the occurrence of certain trigger events relating to capital adequacy, the Securities will be subject to an                                                                                                                                        
 automatic conversion into Ordinary Shares of HSBC Holdings and, upon the occurrence of such conversion, you could lose all or part of the value of your investment in the Securities due to the deterioration in the realizable value of the conversion 
 shares.                                                                                                                                                                                                                                                 |

S-23

| • |     | An automatic conversion will occur if, at any time, our CET1 Ratio is less than 7.0%. You will therefore bear the                                                                                                                                
 risk of changes in the CET1 Ratio, which are inherently unpredictable. The CET1 Ratio, and more generally, our overall capital position, will be affected by our business decisions and regulatory changes. However, the HSBC Group will have no 
 obligation to consider your interests in connection with such decisions, including in respect of its capital management. Such decisions could cause you to lose all or part of the value of your investment in the Securities.                   |

| • |     | After an automatic conversion, the only claims you will have against us will be for specific performance to have                                                                                                                                        
 the relevant conversion shares issued and delivered. The issuance of the conversion shares will constitute an irrevocable and automatic release of all of our obligations in respect of the Securities. You will have limited anti-dilution protections 
 in relation to the conversion shares. The conversion price may not reflect the market price of our Ordinary Shares, which could be significantly lower than the conversion price.