# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-098116
**Filing Date:** 2025-10
**Character Count:** 6325
**Document Hash:** ee18faf75d3842e44f1c12ac417b6cc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-098116.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001104659-25-098116

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 251383724

**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 424(b)(2)**

**Registration No. 333-277211**

**Supplement dated October 8, 2025**

**to Pricing Supplement dated September 8, 2025**

**Equity Index Underlying Supplement dated February 21, 2024, Prospectus Supplement dated February 21, 2024 and** 

**Prospectus dated February 21, 2024**

![](tm2527726d187_424b2img001.jpg)

**Principal at Risk Accelerated Participation Securities**

**Linked to the Dow Jones Industrial Average<sup>®</sup><br> (the "Reference Asset")<br> CUSIP: 40447CYS3**

**(the "APS")**

This document supplements the offering document referenced above, including in connection with any secondary market transactions in the APS by HSBC Securities (USA) Inc. and its affiliates. Terms used but not defined in this supplement have the meanings set forth in those offering documents.

In the pricing supplement, dated September 8, 2025 and filed with the Securities and Exchange Commission (the "SEC") on September 10, 2025 (the "Pricing Supplement"), the Initial Value was defined, as with respect to the Reference Asset, the arithmetic average of its Official Closing Levels during the Initial Valuation Period, with the Initial Valuation Period being each Scheduled Trading Day from and including September 4, 2025 to and including October 2, 2025 (as listed in <u>Annex A</u> hereto) on which a Market Disruption Event does not occur <sup>(1)</sup>. Capitalized terms used but not defined herein have the meanings ascribed to those terms in the Pricing Supplement.

The Initial Value of the Reference Asset is 46,022.09.

---

| | | |
|:---|:---|:---|
| *Date No.* | **Scheduled Trading Day** | **Official Closing Level of the Reference Asset** |
| 1 | &nbsp;&nbsp;September 4, 2025 | &nbsp;&nbsp;45621.29 |
| 2 | &nbsp;&nbsp;September 5, 2025 | &nbsp;&nbsp;45400.86 |
| 3 | &nbsp;&nbsp;September 8, 2025 | &nbsp;&nbsp;45514.95 |
| 4 | &nbsp;&nbsp;September 9, 2025 | &nbsp;&nbsp;45711.34 |
| 5 | &nbsp;&nbsp;September 10, 2025 | &nbsp;&nbsp;45490.92 |
| 6 | &nbsp;&nbsp;September 11, 2025 | &nbsp;&nbsp;46108.00 |
| 7 | &nbsp;&nbsp;September 12, 2025 | &nbsp;&nbsp;45834.22 |
| 8 | &nbsp;&nbsp;September 15, 2025 | &nbsp;&nbsp;45883.45 |
| 9 | &nbsp;&nbsp;September 16, 2025 | &nbsp;&nbsp;45757.90 |
| 10 | &nbsp;&nbsp;September 17, 2025 | &nbsp;&nbsp;46018.32 |
| 11 | &nbsp;&nbsp;September 18, 2025 | &nbsp;&nbsp;46142.42 |
| 12 | &nbsp;&nbsp;September 19, 2025 | &nbsp;&nbsp;46315.27 |
| 13 | &nbsp;&nbsp;September 22, 2025 | &nbsp;&nbsp;46381.54 |
| 14 | &nbsp;&nbsp;September 23, 2025 | &nbsp;&nbsp;46292.78 |
| 15 | &nbsp;&nbsp;September 24, 2025 | &nbsp;&nbsp;46121.28 |
| 16 | &nbsp;&nbsp;September 25, 2025 | &nbsp;&nbsp;45947.32 |
| 17 | &nbsp;&nbsp;September 26, 2025 | &nbsp;&nbsp;46247.29 |
| 18 | &nbsp;&nbsp;September 29, 2025 | &nbsp;&nbsp;46316.07 |
| 19 | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;46397.89 |
| 20 | &nbsp;&nbsp;October 1, 2025 | &nbsp;&nbsp;46441.10 |
| 21 | &nbsp;&nbsp;October 2, 2025 | &nbsp;&nbsp;46519.72 |
| &nbsp;&nbsp; SUM of Closing Levels /<br> Number of Valuation Dates | &nbsp;&nbsp; SUM of Closing Levels /<br> Number of Valuation Dates | &nbsp;&nbsp;966,463.93 / 21 |
|  | &nbsp;&nbsp;**Arithmetic Mean** | &nbsp;&nbsp;46022.09<sup>(1)</sup> |

---

&nbsp;&nbsp;<sup>(1)</sup> Rounded to two decimal points

**Documentation**

You should read this supplement, together with the documents listed below, which together contain the terms of the APS and supersede all prior or contemporaneous oral statements as well as any other written materials. You should carefully consider, among other things, the matters set forth in "Risk Factors" beginning on page 6 of the Pricing Supplement, page S-1 in the prospectus supplement and page S-1 of the Equity Index Underlying Supplement, as the APS involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the APS.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pricing Supplement dated September 8, 2025:

[https://www.sec.gov/Archives/edgar/data/83246/000110465925088936/tm2524998d126_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925088936/tm2524998d126_424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Equity Index Underlying Supplement dated February 21, 2024: <br> [https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 prospectus supplement dated February 21, 2024: <br> [https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The prospectus dated February 21, 2024:<br> [https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm)

### Attached PDF Documents

**Attachment 1:** `tm2527726d187_424b2.pdf`

_No text found in this document._