Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 27

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 27
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 Conversion Upon Capital Adequacy Trigger Event—Procedure—Automatic Conversion Procedure,” at which point all of our obligations under the Securities will be irrevocably and                                    
 automatically released in consideration of our issuance of the Conversion Shares to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance with the terms of the Securities) on the date on which 
 the Automatic Conversion will take place, or has taken place, as applicable (such date, the “Conversion Date”), in accordance with the terms of the Securities and the Indenture, and under no circumstances will such released obligations be           
 reinstated.                                                                                                                                                                                                                                              |

S-17

| After a Capital Adequacy Trigger Event, subject to the conditions described under “Description of the Securities—Automatic Conversion Upon Capital Adequacy Trigger Event—Procedure,” we expect                                                
 the Conversion Shares Depository to deliver to the securityholders on the Settlement Date either (i) Conversion Shares or (ii) if we elect, in our sole and absolute discretion, that a Conversion Shares Offer be made, the Conversion Shares 
 Offer Consideration.                                                                                                                                                                                                                           |

| The Securities will not be convertible into Conversion Shares at the option of the securityholders at any time. |

| “Conversion Shares” means our ordinary shares to be issued to the Conversion Shares Depository on behalf of the securityholders (or to the relevant recipient in accordance with the terms of the Securities)                                          
 following an Automatic Conversion, which ordinary shares will be in such number as is determined by dividing the aggregate principal amount of the Securities then outstanding immediately prior to the Automatic Conversion on the Conversion Date by 
 the Conversion Price, rounded down, if necessary, to the nearest whole number of ordinary shares. The “Conversion Price” is fixed initially at $3.4147 per Conversion Share and is subject to certain                                                  
 anti-dilution adjustments as described under “Description of the Securities—Anti-dilution— Adjustment of Conversion Price and Conversion Shares                                                                                                        
 Offer Price.”                                                                                                                                                                                                                                          |

| “Conversion Shares Offer” means, our election, at our sole and absolute discretion, that the Conversion Shares Depository make an offer of all or some of the Conversion Shares to all or some of our ordinary                    
 shareholders at a cash price per Conversion Share equal to the Conversion Shares Offer Price, subject to the conditions described further under “Description of the Securities—Automatic Conversion Upon Capital Adequacy Trigger 
 Event—Procedure.”                                                                                                                                                                                                                 |

| “Conversion Shares Offer Price” is fixed initially at £2.70 per