# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-094976
**Filing Date:** 2025-9
**Character Count:** 4585
**Document Hash:** 74bc86f39be8f116d800f44cf78ad736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-094976.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001104659-25-094976

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**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:** 251360093

**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 September 29, 2025**

**to Pricing Supplement dated July 2, 2025**

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

**Prospectus dated February 21, 2024**

**HSBC USA Inc.**

**Capped In-GEARS (the "Securities")** 

**Linked to the S&P 500<sup>®</sup> Index** **due July 5, 2030**

**CUSIP: 40445V415**

**(the "Notes")**

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

The Initial Level for the Notes was defined in the final pricing supplement dated July 2, 2025 (the "Final Pricing Supplement") and filed with the Securities and Exchange Commission (the "SEC") on July 7, 2025 as the arithmetic average of the Closing Levels of the Index on each scheduled Trading Day from and including July 1, 2025 to and including September 29, 2025, excluding any scheduled Trading Day on which a Market Disruption Event occurs.

The determination period for the Initial Level expired on September 29, 2025. The arithmetic average of the Closing Levels of the Index on each scheduled Trading Day from and including July 1, 2025 to and including September 29, 2025 was 6,423.60.

**Therefore, the Initial Level for the Notes is 6,423.60.**

**Documentation**

You should read this supplement, together with the documents listed below, which together contain the terms of the Notes 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 PS-7 of the Final Pricing Supplement, page S-1 in the prospectus supplement and page S-1 of the Equity Index Underlying Supplement, as the Notes 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 Notes.

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;· Final Pricing Supplement dated July 2, 2025:

<u>[https://www.sec.gov/Archives/edgar/data/83246/000110465925066102/tm2519575d56_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925066102/tm2519575d56_424b2.htm)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Equity Index Underlying Supplement dated February 21, 2024:

<u>[https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus supplement dated February 21, 2024:

[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;· Prospectus dated February 21, 2024:

<u>[https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm)</u>

### Attached PDF Documents

**Attachment 1:** `tm2524998d513_424b2.pdf`

_No text found in this document._