Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 98

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 98
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 investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to 
 us; and                                                                                                                                                                                                                                         |

S-71

| (b) | it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it 
 in relation to the Notes in, from or otherwise involving the UK.                                               |

Each underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by this prospectus supplement to any retail investor in the UK. For the purposes of this provision, the expression “retail investor” means a person who is one (or more) of the following:

| (i) | a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK 
 domestic law by virtue of the EUWA; or                                                                     |

| (ii) | a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to                                                                                                                     
 implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA. |

Prohibition of Sales to EEA Retail Investors Each underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by this prospectus supplement to any retail investor in the EEA. For the purposes of this provision, the expression “retail investor” means a person who is one (or more) of the following:

| (i) | a retail client as defined in point (11) of Article 4(1) of MiFID II; or |

| (ii) | a customer within the meaning of the IDD, where that customer would not qualify as a professional client as 
 defined in point (10) of Article 4(1) of MiFID II.                                                          |

Switzerland The Notes are not subject to the approval of, or supervision by, the Swiss Financial Market Supervisory Authority