Company: HBCYF
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001193125-25-261738
Chunk: 33

Company: HSBC HOLDINGS PLC
Filing Date: 2025-11-03
Form: 424B5
Chunk 33
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 of England and Wales.                 
 Any legal proceedings arising out of, or based upon, the Indenture or the Notes may be instituted in any state or federal court in the City of New York, United States.                               |

S-23

RISK FACTORS

An investment in the Notes involves significant risk. Accordingly, you should consider carefully all of the information set forth in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus, before you decide to invest in the Notes. Terms which are defined in “Description of the Notes” included in this prospectus supplement beginning on page S-42have the same meaning when used in this section.

Risks Relating to HSBC’s Business

For information on risks relating to HSBC’s business, you should read the risks described in the 2024 Form 20-F, including the section entitled “Risk factors” on pages 154 through 166, Note 28 (Provisions) and Note 35 (Legal proceedings and regulatory matters) to the consolidated
financial statements included therein on pages 437 and 448 through 450, respectively, the risks described in the 2025 Interim Report, including the sections entitled “Risk overview” and “Risk” on pages 16 through 17 and pages 42 through 74, respectively, Note 11 (Provisions) and Note 13 (Legal proceedings and regulatory matters)
to the interim condensed consolidated financial statements included therein on page 95 and on pages 96 through 98, respectively, and the risks described in the 2025 Q3 Earnings Release, including the sections entitled “Events after the balance sheet date” on pages 17 through 18 and “Risk” on pages 42 through 55, which are incorporated by reference in this prospectus supplement, and/or
similar disclosure in subsequent filings incorporated by reference in this prospectus supplement.

Risks Relating to the Notes

Under the terms of the Notes, you will agree to be bound by the exercise of any UK bail-inpower by the relevant UK resolution authority.

You will agree to be bound by the exercise of any UK bail-in
power (as defined under “Description of the Notes—Definitions”) and you should consider the risk that you may lose all of your investment, including the principal amount plus any accrued interest, if the UK bail-in power is acted upon or that any remaining outstanding Notes or securities into which the Notes are converted, including our ordinary shares, may be of little value at the time of conversion