# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-084001
**Filing Date:** 2025-8
**Character Count:** 10640
**Document Hash:** 2c7ef1312dbd6ba1aea055c77a956c95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-084001.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001104659-25-084001

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251265229

**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

---

| | | |
|:---|:---|:---|
| <br>![](tm2522797d252_fwp01.jpg) | <br> Structured Investments<br> Opportunities in International Equities | Free Writing Prospectus<br> Registration Statement No. 333-277211<br> August 27, 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) |

---

**Buffered PLUS Based on the Level of the EURO STOXX 50<sup>®</sup> Index due April 5, 2028**

**Buffered Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

This document provides a summary of the terms of the Buffered 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:** | &nbsp;&nbsp;HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Maturity date\*:** | &nbsp;&nbsp;April 5, 2028 |
| &nbsp;&nbsp;**Underlying index:** | &nbsp;&nbsp; The EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: SX5E)<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> ⏹ 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> ⏹ If the final level is **equal to or less than** the initial level by an amount **equal to or less than** the buffer amount:<br> $1,000<br> ⏹ If the final level is **less than** the initial level by an amount **greater than** the buffer amount:<br> ($1,000 × the index performance factor) + $150.00<br> **If the final level is less than the initial level by more than the buffer amount, your payment at maturity will be less than, and possibly significantly less than, the $1,000 principal amount per security. You should not invest in the securities unless you are willing and able to bear the risk of losing a significant portion of your investment. All payments on the Buffered PLUS are subject to the credit risk of HSBC.** |
| &nbsp;&nbsp;**Leveraged upside payment:** | &nbsp;&nbsp;$1,000 x leverage factor x index percent increase |
| &nbsp;&nbsp;**Leverage factor:** | &nbsp;&nbsp; At least 200.00% (to be determined on the trade date) |
| &nbsp;&nbsp;**Index percent increase:** | &nbsp;&nbsp;(final level – initial level) / initial level |
| &nbsp;&nbsp;**Initial level:** | &nbsp;&nbsp;The official closing level of the underlying index on the pricing date |
| &nbsp;&nbsp; **Final level:** | &nbsp;&nbsp;The official closing level of the underlying index on the valuation date |
| &nbsp;&nbsp;**Valuation date\*:** | &nbsp;&nbsp;March 31, 2028 |
| &nbsp;&nbsp;**Index performance factor:** | &nbsp;&nbsp;final level / initial level |
| &nbsp;&nbsp;**Maximum payment at maturity:** | &nbsp;&nbsp;At least $1,278.00 per Buffered PLUS (at least 127.80% of the stated principal amount). The actual maximum payment at maturity will be determined on the trade date. |
| &nbsp;&nbsp;**Principal amount:** | &nbsp;&nbsp;$1,000 per Buffered PLUS |
| &nbsp;&nbsp;**Issue price:** | &nbsp;&nbsp;$1,000 per Buffered PLUS |
| &nbsp;&nbsp;**Pricing date \*:** | &nbsp;&nbsp;On or about September 16, 2025 |
| &nbsp;&nbsp;**Trade date \*:** | &nbsp;&nbsp;On or about September 16, 2025 |
| &nbsp;&nbsp;**Original issue date\*:** | &nbsp;&nbsp;On or about September 19, 2025 (3 business days after the pricing date) |
| &nbsp;&nbsp;**Estimated initial value:** | &nbsp;&nbsp;The estimated initial value of the Buffered PLUS on the pricing date is expected to be between $915.00 and $965.00 per Buffered PLUS, which will be less than the price to public. The market value of the Buffered 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:** | &nbsp;&nbsp;40447CW71 |
| &nbsp;&nbsp;**ISIN:** | &nbsp;&nbsp;US40447CW716 |
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;The Buffered PLUS will not be listed on any securities exchange. |
| &nbsp;&nbsp;**Agent:** | &nbsp;&nbsp;HSBC Securities (USA) Inc., an affiliate of HSBC. |
| &nbsp;&nbsp;**Free writing prospectus:** | &nbsp;&nbsp;[https://www.sec.gov/Archives/edgar/data/83246/000110465925083956/tm2522797d246dps_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465925083956/tm2522797d246dps_fwp.htm) |

---

![](tm2522797d252_fwpimg02.jpg)

![](tm2522797d252_fwpimg03.jpg)

**\**The trade 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 Buffered PLUS.***

**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 Buffered PLUS, including a more complete description of the risks relating to the Buffered 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 Buffered PLUS***

· Buffered
 PLUS do not pay interest.

· The appreciation potential of the Buffered
 PLUS is limited by the maximum payment at maturity.

· Investing in the Buffered PLUS is not equivalent
 to investing in the stocks included in the underlying index.

· The
 amount payable on the Buffered 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***

· Adjustments to the underlying
 index could adversely affect the value of the Buffered PLUS.

· Risks associated with non-U.S. companies.

· The Buffered PLUS will not be adjusted for
 changes in exchange rates.

***General Risk Factors***

· Credit
 risk of HSBC USA Inc.

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

· The price
 of your Buffered PLUS in the secondary market, if any, immediately after the trade date is expected to be less than the price to
 public.

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

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

· Hedging
 and trading activity by our affiliates could potentially adversely affect the value of the Buffered PLUS.

· The Buffered
 PLUS are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction.

· The market
 price of the Buffered PLUS will be influenced by many unpredictable factors.

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

· The U.S.
 federal income tax consequences of an investment in the Buffered PLUS are uncertain.

**Tax Considerations**

You should review carefully the discussion in the accompanying free writing prospectus under the caption "Additional Information About the Buffered PLUS —Tax considerations" concerning the U.S. federal income tax consequences of an investment in the Buffered 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 Buffered 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 toll-free **1-866-811-8049**.

### Attached PDF Documents

**Attachment 1:** `tm2522797d252_fwp.pdf`

_No text found in this document._