# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-104891
**Filing Date:** 2025-10
**Character Count:** 11848
**Document Hash:** 4aeab0ef641a9aed702dd5b51ac8fa77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-104891.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001104659-25-104891

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**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:** 251440248

**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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Structured Investments<br> Opportunities in U.S. Equities | Free Writing Prospectus<br> Registration Statement No. 333-277211<br> October 30, 2025<br> Filed Pursuant to Rule 433<br> (To Prospectus dated February 21, 2024,<br> Prospectus Supplement dated February 21, 2024 and<br> Equity Index Underlying Supplement dated February 21, 2024) |
| **Trigger PLUS Based on the Level of the S&P 500<sup>®</sup> Index due** **December 3, 2031** <br> **Trigger Performance Leveraged Upside Securities<sup>SM</sup>**<br> **Principal at Risk Securities** | **Trigger PLUS Based on the Level of the S&P 500<sup>®</sup> Index due** **December 3, 2031** <br> **Trigger Performance Leveraged Upside Securities<sup>SM</sup>**<br> **Principal at Risk Securities** |
| This document provides a summary of the terms of the Trigger PLUS. Investors must carefully review the accompanying free writing prospectus referenced below, prospectus, prospectus supplement and Equity Index Underlying Supplement, and the "Risk Considerations" on the following page, prior to making an investment decision. | This document provides a summary of the terms of the Trigger PLUS. Investors must carefully review the accompanying free writing prospectus referenced below, prospectus, prospectus supplement and Equity Index Underlying Supplement, and the "Risk Considerations" on the following page, prior to making an investment decision. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**INDICATIVE TERMS** |  |
| &nbsp;&nbsp;**Issuer:** | HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Maturity date\*:** | December 3, 2031 |
| &nbsp;&nbsp;**Underlying index:** | The S&P 500<sup>®</sup> Index (Bloomberg symbol: SPX)<br> For more information about the underlying index, including historical performance information, see the accompanying free writing prospectus. |
| &nbsp;&nbsp;**Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For each $1,000 stated principal amount security you hold at maturity:<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final level is **greater than** the initial level:<br> $1,000 + the leveraged upside payment, subject to the maximum payment at maturity<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final level is **less than or equal to** the initial level but is greater than or equal to the trigger level:<br> $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;▪ If the final level is **less than** the trigger level :<br> $1,000 × the index performance factor<br> **Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will result in a loss of up to 100% of your investment. All payments on the Trigger PLUS are subject to the credit risk of HSBC** **.** |
| &nbsp;&nbsp;**Leveraged upside payment:** | $1,000 x leverage factor x index percent increase |
| &nbsp;&nbsp;**Leverage factor:** | At least 122.00% (to be determined on the pricing date) |
| &nbsp;&nbsp;**Index percent increase:** | (final level – initial level) / initial level |
| &nbsp;&nbsp;**Initial level:** | The official closing level of the underlying index on the pricing date |
| &nbsp;&nbsp;**Final level:** | The official closing level of the underlying index on the valuation date |
| &nbsp;&nbsp;**Valuation date\*:** | November 28, 2031 |
| &nbsp;&nbsp;**Index performance factor:** | final level / initial level |
| &nbsp;&nbsp;**Maximum payment at maturity:** | $1,750.00 per Trigger PLUS (175.00% of the stated principal amount). |
| &nbsp;&nbsp;**Trigger level:** | 85% of the Initial level |
| &nbsp;&nbsp;**Principal amount:** | $1,000 per Trigger PLUS |
| &nbsp;&nbsp;**Issue price:** | $1,000 per Trigger PLUS |
| &nbsp;&nbsp;**Pricing date\*:** | On or about November 14, 2025 |
| &nbsp;&nbsp;**Original issue date\*:** | On or about November 19, 2025 (3 business days after the pricing date) |
| &nbsp;&nbsp;**Estimated initial value:** | The estimated initial value of the Trigger PLUS on the pricing date is expected to be between $900.00 and $950.00 per Trigger PLUS, which will be less than the price to public. The market value of the Trigger PLUS at any time will reflect many factors and cannot be predicted with accuracy. See "Risk Factors" in the accompanying free writing prospectus. |
| &nbsp;&nbsp;**CUSIP:** | 40447DNU8 |
| &nbsp;&nbsp;**ISIN:** | US40447DNU80 |
| &nbsp;&nbsp;**Listing:** | The Trigger PLUS will not be listed on any securities exchange. |
| &nbsp;&nbsp;**Agent:** | HSBC Securities (USA) Inc., an affiliate of HSBC. |
| &nbsp;&nbsp;**Free writing prospectus:** | [https://www.sec.gov/Archives/edgar/data/83246/000110465925104542/tm2527726d521_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925104542/tm2527726d521_fwp.htm) |
| **\*\**The pricing date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the***  ***Trigger PLUS.*** | **\*\**The pricing date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the***  ***Trigger PLUS.*** |

---

---

| | |
|:---|:---|
| ![](tm2527726d520_fwpimg002.jpg) | ![](tm2527726d520_fwpimg002.jpg) |
| &nbsp;&nbsp;**Change in the Underlying Index** | &nbsp;&nbsp;**Return on Trigger Plus** |
| &nbsp;&nbsp;80.00% | &nbsp;&nbsp;$1750.00 |
| &nbsp;&nbsp;61.48% | &nbsp;&nbsp;$1750.00 |
| &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$1610.00 |
| &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$1488.00 |
| &nbsp;&nbsp;30.00% | &nbsp;&nbsp;$1366.00 |
| &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$1244.00 |
| &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$1122.00 |
| &nbsp;&nbsp;0.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$1000.00 |
| &nbsp;&nbsp;**-15.00%** | &nbsp;&nbsp;**$1000.00** |
| &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$800.00 |
| &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$700.00 |
| &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$500.00 |
| &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;$400.00 |
| &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;$200.00 |
| &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$0.00 |

---

**Risk Considerations**

It is important for you to understand that this offering summary does not contain all of the material information an investor should consider before investing in the Trigger PLUS, including a more complete description of the risks relating to the Trigger PLUS. This offering summary is not for distribution in isolation and must be read together with the accompanying free writing prospectus.

***Risks Relating to the Structure or Features of the PLUS***

&nbsp;&nbsp;&nbsp;&nbsp;· Trigger PLUS do not pay interest.

&nbsp;&nbsp;&nbsp;&nbsp;· The appreciation potential of the Trigger PLUS is limited by
the maximum payment at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· The amount payable on the Trigger
PLUS is not linked to the level of the underlying index at any time other than the valuation date.

***Risks Relating to the Underlying Index***

&nbsp;&nbsp;&nbsp;&nbsp;· Investing in the Trigger PLUS
is not equivalent to investing in the stocks included in the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjustments to the underlying
index could adversely affect the value of the Trigger PLUS.

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;· Credit risk of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;· The estimated initial value of
 the Trigger PLUS, which will be determined by us on the pricing date, is expected to be less than the price to public and may differ
from the market value of the PLUS in the secondary market, if any.

&nbsp;&nbsp;&nbsp;&nbsp;· The price of your Trigger PLUS
in the secondary market, if any, immediately after the pricing date is expected to be less than the price to public.

&nbsp;&nbsp;&nbsp;&nbsp;· If HSBC Securities (USA) Inc.
were to repurchase your Trigger PLUS immediately after the original issue date, the price you receive may be higher than the estimated
initial value of the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;· The calculation agent, which is
the issuer or one of its affiliates, will make determinations with respect to the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;· Hedging and trading activity by
our affiliates could potentially adversely affect the value of the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trigger PLUS are not insured
or guaranteed by any governmental agency of the United States or any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;· The market price of the Trigger
PLUS will be influenced by many unpredictable factors.

&nbsp;&nbsp;&nbsp;&nbsp;· The Trigger PLUS will not be listed
on any securities exchange or automated trading system and secondary trading may be limited.

&nbsp;&nbsp;&nbsp;&nbsp;· The U.S. federal income tax consequences
of an investment in the Trigger PLUS are uncertain.

**Tax Considerations**

You should review carefully the discussion in the accompanying free writing prospectus under the caption "Additional Information About the Trigger PLUS —Tax considerations" concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS, and you should consult your tax adviser.

If there is any inconsistency between any terms herein and the free writing prospectus relating to the Trigger PLUS, the free writing prospectus shall prevail. The issuer has filed a registration statement (including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the Securities and Exchange Commission ("SEC") for the offering to which this preliminary free writing prospectus relates. Before you invest, you should read the free writing prospectus, prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at https://www.sec.gov/edgar/search/. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the free writing prospectus, prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling 1-212-525-8010.

### Attached PDF Documents

**Attachment 1:** `tm2527726d520_fwp.pdf`

_No text found in this document._