# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-056758
**Filing Date:** 2025-6
**Character Count:** 8682
**Document Hash:** 3886027b062c204e14c5ff7882710e7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056758.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001104659-25-056758

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 251026339

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

Filed Pursuant to Rule 433

Registration Statement No. 333-277211

MARKET INDEX TARGET-TERM SECURITIES<sup>®</sup> (MITTS<sup>®</sup>)

Market Index Target-Term Securities<sup>®</sup> Linked to an International Equity Index Basket

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Principal Amount** | &nbsp;&nbsp;$10.00 per unit |
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;Approximately 5 years |
| &nbsp;&nbsp;**Market Measure** | &nbsp;&nbsp;An international equity index basket comprised of the EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: "SX5E"), the FTSE<sup>®</sup> 100 Index (Bloomberg symbol: "UKX"), the Nikkei Stock Average Index (Bloomberg symbol: "NKY"), the Swiss Market Index<sup>®</sup> (Bloomberg symbol: "SMI"), the S&P/ASX 200<sup>®</sup> Index (Bloomberg symbol: "AS51") and the FTSE<sup>®</sup> China 50 Index (Bloomberg symbol: "XIN0I") (each, a "Basket Component"). The EURO STOXX 50<sup>®</sup> Index will be given an initial weight of 40.00%, each of the FTSE<sup>®</sup> 100 Index and the Nikkei Stock Average Index will be given an initial weight of 20.00%, each of the Swiss Market Index<sup>®</sup> and the S&P/ASX 200<sup>®</sup> Index will be given an initial weight of 7.50%, and the FTSE<sup>®</sup> China 50 Index will be given an initial weight of 5.00%. |
| &nbsp;&nbsp;**Payout Profile at Maturity** | &nbsp;&nbsp; · [105.00% to 115.00%] leveraged upside exposure to increases in the Market Measure<br> · If the Market Measure is flat or decreases, the payment at maturity will be the Minimum Redemption Amount |
| &nbsp;&nbsp;**Participation Rate** | &nbsp;&nbsp;[105.00% to 115.00%], to be determined on the pricing date. |
| &nbsp;&nbsp;**Minimum Redemption Amount** | &nbsp;&nbsp;$10.00 per unit |
| &nbsp;&nbsp;**Investment Considerations** | &nbsp;&nbsp;This investment is designed for investors who anticipate that the Market Measure will increase over the term of the notes, are seeking full principal amount at maturity, and are willing to forgo interim interest payments. |
| &nbsp;&nbsp;**Preliminary Offering Documents** | &nbsp;&nbsp;[https://www.sec.gov/Archives/edgar/data/83246/000110465925056723/tm2513813d245_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925056723/tm2513813d245_fwp.htm) |
| &nbsp;&nbsp;**Exchange Listing** | &nbsp;&nbsp;No |

---

***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***

**Risk Factors**

**Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:**

&nbsp;&nbsp;&nbsp;&nbsp;· Depending on the performance of the Market Measure as measured
shortly before the maturity date, you may not receive a positive return on your investment.

· Your investment return may be less than a comparable investment
directly in the stocks included in the Basket Components.

· Changes in the level of one of the Basket Components may be
offset by changes in the levels of the other Basket Components.

· Payments on the notes, including any repayment of principal,
are subject to the credit risk of HSBC. If HSBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

· The estimated initial value of the notes on the pricing date
will be less than their public offering price.

· If you attempt to sell the notes prior to maturity, their market
value may be lower than both the public offering price and the estimated initial value of the notes on the pricing date.

· As a noteholder, you will have no rights of a holder of the
securities included in the Basket Components, and you will not be entitled to receive securities or dividends or other distributions
by the issuers of those securities.

· Your return on the notes may be affected by factors affecting
the international securities markets, specifically markets in the countries represented by the Basket Components. In addition, you will
not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket Components trade
against the U.S. dollar, which you would have received if you had owned the securities included in the Basket Components during the term
of your notes, although the value of the Market Measure may be adversely affected by general exchange rate movements in the market.

· Recent executive orders against certain Chinese companies could
adversely affect your investment in the notes.

***Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.***

![](tm2513813d288_fwpimg001.jpg)

***The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Hypothetical<br> Percentage Change <br> from the Starting Value<br> to the Ending Value** | &nbsp;&nbsp;**Hypothetical<br> Redemption Amount <br> per Unit<sup>(1)</sup>** | &nbsp;&nbsp;**Hypothetical Total Rate of<br> Return on the Notes** |
| &nbsp;&nbsp;-100.00% | &nbsp;&nbsp; $10.00<sup>(2)</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-6.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;-3.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;$10.22 | &nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;$10.33 | &nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$10.55 | &nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$12.20 | &nbsp;&nbsp;22.00% |
| &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$15.50 | &nbsp;&nbsp;55.00% |
| &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$21.00 | &nbsp;&nbsp;110.00% |

---

(1) The Redemption Amount per unit is based on the **hypothetical** Participation Rate of 110.00%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
Redemption Amount per unit cannot be less than the Minimum Redemption Amount.

HSBC has filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for each of the offerings to which this document relates. Before you invest, you should read those documents, and the other documents that we have filed with the SEC, for more complete information about us and these offerings. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, HSBC, any agent, or any dealer participating.