Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 150

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 150
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 Holder’s tax basis in a Security generally will equal the cost of that Security to such holder.

Conversion of Securities into Approved Entity Shares

A conversion or exchange of Securities into Approved Entity Shares after a Qualifying Takeover Event may be a taxable event for U.S. Holders,
depending upon the circumstances. If treated as a taxable event, a U.S. Holder will recognize gain or loss equal to the difference between the fair market value of the Approved Entity Shares received upon the conversion or exchange and the
holder’s tax basis in the Securities. If not treated as a taxable event, the consequences to a U.S. Holder with respect to the receipt of Approved Entity Shares after a Qualifying Takeover Event should be the same as described above in
“—Automatic Conversion into Conversion Shares,” with respect to the receipt of Conversion Shares following an Automatic Conversion.

Assumption of Obligations

The
U.S. federal income tax treatment of an assumption of our obligations under the Securities by either a subsidiary or a holding company of ours (described in “Description of Contingent Convertible Securities— Assumption of Obligations”in the accompanying prospectus) is uncertain. Such assumption might be deemed by the IRS to be a taxable exchange of the Securities for new contingent convertible securities for U.S. federal income tax purposes if the new
contingent convertible securities are treated as differing materially in kind or extent from the Securities, in which case a U.S. Holder should recognize gain, if any. Deductibility of loss, if any, may be limited pursuant to, among other things,
the wash sale rules. U.S. Holders should consult their own tax advisers with respect to the tax consequences of such an assignment.

Sale, Exchange, Redemption or Other Disposition of the Securities and Conversion Shares

Upon any sale, exchange, redemption or other disposition
of Securities or Conversion Shares (other than a conversion of the Securities into Conversion Shares, as discussed above), including the sale of Conversion Shares pursuant to the Conversion Shares Offer, a U.S. Holder generally will recognize gain
or loss equal to the difference between (1) the amount realized on the disposition and (2) the U.S. Holder’s adjusted tax basis in such Securities or Conversion Shares, provided that, in the case of a redemption, the U.S. Holder does
not own, and is not deemed to own, any Ordinary Shares of HSBC Holdings or securities of HSBC Holdings treated as equity for U.S. federal income tax purposes at such time. Additionally,