Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 151

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 151
---
 you will generally recognize a capital loss on the complete
cancellation of the Securities pursuant to the UK bail-in power in an amount equal to your tax basis in the Securities.

Such gain or loss will generally be U.S.-source capital gain or loss and will generally be long-term gain or loss if the U.S. Holder has held the Securities or Conversion Shares for more than one year. Net long-term capital gain recognized by certain non-corporate U.S. Holders will generally be subject to taxation at preferential rates. Additionally, even if the Securities or Conversion Shares are held for less than one year, loss recognized on a sale, exchange,
redemption or other disposition of the Securities or Conversion Shares will be long-term capital loss to the extent of any payments of interest received by the U.S. Holder which constitute qualified dividend
income and are considered “extraordinary dividends.” Payments of interest on the Securities or Conversion Shares may be considered extraordinary dividends if the U.S. Holder purchased the Securities or Conversion Shares at a premium to the
price listed on the cover hereof. The deductibility of capital losses is subject to limitations. U.S. Holders should consult their tax advisers regarding the applicability of extraordinary dividend treatment in their particular circumstances.

S-94

This summary does not discuss the tax consequences to a U.S. Holder of the receipt of
Conversion Shares Offer Consideration that is a combination of cash and Conversion Shares or of a partial cancellation of the Securities pursuant to the UK bail-in power. U.S. Holders should consult their own
tax advisers regarding the tax consequences of such situations as well as how to account for proceeds received on the sale or redemption of Securities or Conversion Shares that are not paid in U.S. dollars.

Adjustment of the Conversion Price and the Conversion Shares Offer Price

The Conversion Price and the Conversion Shares Offer Price are subject to adjustment under certain circumstances. A U.S. Holder of the
Securities may be treated as having received a constructive distribution if and to the extent that certain adjustments (or, in some cases, certain failures to make adjustments) to the fixed conversion rates increase a U.S. Holder’s
proportionate interest in our assets or earnings. If adjustments that do not qualify as being pursuant to a bona fide reasonable adjustment formula are made (or, in some cases, adjustments that do so qualify that fail to be made), U.S. Holders of
Securities will be treated as having received a distribution even though they have not received any cash or property. For example