Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 148

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 148
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 any state thereof or the District of Columbia; or                          |

S-92

| • |     | any person otherwise subject to U.S. federal income taxation on a net income basis in respect of the Security. |

As used in this summary, the term “Non-U.S.Holder” means a holder that is not a U.S. Holder and is not an entity or arrangement treated as a partnership for U.S. federal income tax purposes. U.S. Tax Status of the Securities; Distributions on the Securities and the Conversion Shares The Securities will be treated as equity of HSBC Holdings for U.S. federal income tax purposes. Interest payments with respect to the Securities, and distributions with respect to the Conversion Shares, will be treated as dividends for U.S. federal income tax purposes to the extent of HSBC Holdings’ current or accumulated earnings and profits as determined for U.S. federal income tax purposes, and any portion of such a payment in excess of the issuer’s current and accumulated earnings and profits would be treated first as a nontaxable return of capital that would reduce your tax basis in the Securities or Conversion Shares, as applicable, and would thereafter generally be treated as capital gain, the tax treatment of which is discussed below under “— Sale, Exchange, Redemption or Other Disposition of the Securities and Conversion Shares.” Because HSBC Holdings does not currently maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that all interest payments on the Securities and distributions on the Conversion Shares will generally be reported to U.S. Holders as dividends. Dividends received by certain non-corporateU.S. Holders will be subject to taxation at preferential rates if the dividends are “qualified dividends.” Subject to certain exceptions for short-termand hedged positions, interest received with respect to the Securities and distributions with respect to the Conversion Shares will be qualified dividends if (i) either (A) HSBC Holdings is eligible for the benefits of a comprehensive income tax treaty with the United States that the Internal Revenue Service (the “IRS”) has approved for purposes of the qualified dividend rules, or (B) the Securities or Conversion Shares are readily tradable on an established securities market in the United States, and (ii) HSBC Holdings was not, in the year prior to the year in which the interest payment was made, and is not, in the year in which the interest payment is made, a passive foreign investment company (“PFIC”). HSBC Holdings expects to be eligible for the benefits