Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 42

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 42
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, including unlisted equity securities.” Any changes in the legal or regulatory form or ranking of a loan or investment could also affect its treatment in resolution.

If any of our subsidiaries were wound up, liquidated or dissolved (i) you would have no right to proceed against the assets of such
subsidiary and (ii) the liquidator of such subsidiary would first apply the assets of such subsidiary to settle the claims of such subsidiary’s creditors and/or preference shareholders (including holders of such subsidiary’s senior
or subordinated debt, including eligible liabilities, tier 2 and additional tier 1 capital instruments, all of which may include us) before we would be entitled to receive any distributions in respect of such subsidiary’s ordinary shares.
Similarly, if any of our subsidiaries were subject to resolution proceedings (i) you may have no direct recourse against such subsidiary and (ii) you and we may also be exposed to losses pursuant to the exercise by the relevant resolution
authority of resolution powers (including any applicable bail-in power).

S-28

The Notes are not bank deposits.

An investment in the Notes is not equivalent to an investment in a bank deposit and carries risks that are very different from the risk profile
of such a deposit.

The issue price, interest rate and yield to maturity of the Notes are expected to reflect the additional risks borne
by investors therein when compared to those of depositors. For example, the Notes do not benefit from any protection provided pursuant to the UK law which implemented Directive (2014/49/EU) of the European Parliament and of the Council on deposit
guarantee schemes (such as the UK Financial Services Compensation Scheme). Therefore, if we become insolvent or default on our obligations, investors could lose their entire investment. Additionally, the Notes may be subject to the capital
instruments and liabilities write-down and conversion power (which does not apply to ordinary bank deposits) and the Notes would be subject to the bail-in tool before it
is applied to bank deposits (to the extent that such deposits are subject to the bail-in tool at all). See “—Risks Relating to the Notes—The Notes are the subject of the UK bail-inpower, which may result in your Notes being written down to zero or converted into other securities, including unlisted equity securities.”

The Notes constitute a new issue of securities by us and we cannot guarantee that an active public market for the securities will develop or be sustained.

The Notes will constitute a new issue of securities by us. Prior to our present issuance of