# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-006665
**Filing Date:** 2026-1
**Character Count:** 11025
**Document Hash:** df62ca7a89dc3f75f4d8e408428fd22c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-006665.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001104659-26-006665

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**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:** 26561477

**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

---

| | | |
|:---|:---|:---|
| ![](tm2534578d321_fwpimg001.jpg) | Structured Investments<br> Opportunities in International Equities | Free Writing Prospectus<br> Registration Statement No. 333-277211<br> January 26, 2026<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) |

---

**Dual Directional Trigger PLUS Based on the Level of the Russell 2000<sup>®</sup> Index due May 5, 2027**

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

**Principal at Risk Securities**

This document provides a summary of the terms of the Dual Directional 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;&nbsp;**INDICATIVE TERMS** | &nbsp;&nbsp;&nbsp;**INDICATIVE TERMS** |
| &nbsp;&nbsp;&nbsp;**Issuer:** | HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;&nbsp;**Maturity date\*:** | May 5, 2027 |
| &nbsp;&nbsp;&nbsp;**Underlying index:**  | The Russell 2000<sup>®</sup> Index (Bloomberg symbol: RTY)<br> For more information about the underlying index, including historical performance information, see the accompanying free writing prospectus. |
| &nbsp;&nbsp;&nbsp;**Payment at maturity:** | For each $1,000 stated principal amount security you hold at maturity: |
|  | If the final level is **greater than** the initial level: |
|  | $1,000 + the leveraged upside payment |
|  | *In no event will the payment at maturity exceed the maximum payment at maturity.* |
|  | If the final level is **less than or equal to** the initial level but is greater than or equal to the trigger level: |
|  | $1,000 + ($1,000 x absolute index return) |
|  | If the final level is **less than** the trigger level: |
|  | $1,000 × the index performance factor |
|  | **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 Dual Directional Trigger PLUS are subject to the credit risk of HSBC.** |
| &nbsp;&nbsp;&nbsp;**Leveraged upside payment:** | $1,000 x leverage factor x index percent increase |
| &nbsp;&nbsp;&nbsp;**Leverage factor:** | At least 200.00% (to be determined on the pricing date) |
| &nbsp;&nbsp;&nbsp;**Index percent increase:** | (final level – initial level) / initial level |
| &nbsp;&nbsp;&nbsp;**Initial level:** | The official closing level of the underlying index on the pricing date |
| &nbsp;&nbsp;&nbsp;**Final level:** | The official closing level of the underlying index on the valuation date |
| &nbsp;&nbsp;&nbsp;**Valuation date\*:** | April 30, 2027 |
| &nbsp;&nbsp;&nbsp;**Maximum payment at maturity:** | At least $1,143.00 per Trigger PLUS (at least 114.30% of the stated principal amount) (to be determined on the trade date) |
| &nbsp;&nbsp;&nbsp;**Index performance factor:** | final level / initial level |
| &nbsp;&nbsp;&nbsp;**Absolute index return:** | The absolute value of the index percent change. For example, a -5% index percent change will result in a +5% absolute index return. |
| &nbsp;&nbsp;&nbsp;**Trigger level:** | 85% of the Initial level |
| &nbsp;&nbsp;&nbsp;**Principal amount:** | $1,000 per Trigger PLUS |
| &nbsp;&nbsp;&nbsp;**Issue price:** | $1,000 per Trigger PLUS |
| &nbsp;&nbsp;&nbsp;**Pricing date\*:** | On or about January 30, 2026 |
| &nbsp;&nbsp;&nbsp;**Original issue date\*:** | On or about February 4, 2026 (4 business days after the pricing date) |
| &nbsp;&nbsp;&nbsp;**Estimated initial value:** | The estimated initial value of the Trigger PLUS on the pricing date is expected to be between $925.00 and $975.00 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;&nbsp;**CUSIP:** | 40447DN53 |
| &nbsp;&nbsp;&nbsp;**ISIN:** | US40447DN531 |
| &nbsp;&nbsp;&nbsp;**Listing:** | The Dual Directional Trigger PLUS will not be listed on any securities exchange. |
| &nbsp;&nbsp;&nbsp;**Agent:** | HSBC Securities (USA) Inc., an affiliate of HSBC. |
| &nbsp;&nbsp;&nbsp;**Free writing prospectus:** | [https://www.sec.gov/Archives/edgar/data/83246/000110465926006577/tm2534578d319_fwp.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465926006577/tm2534578d319_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 Dual Directional Trigger PLUS.***

![](tm2534578d321_fwpimg002.jpg)

---

| | |
|:---|:---|
| **Change in the Underlying Index** | **Return on Trigger Plus** |
| +50.00% | $1143.00 |
| +40.00% | $1143.00 |
| +30.00% | $1143.00 |
| +20.00% | $1143.00 |
| +10.00% | $1143.00 |
| +7.15% | $1143.00 |
| **0.00%** | **$1000.00** |
| **-15.00%** | **$1150.00** |
| -20.00% | $800.00 |
| -50.00% | $500.00 |
| -60.00% | $400.00 |
| -80.00% | $200.00 |
| -100.00% | $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 Dual Directional 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*** Dual Directional ***PLUS***

· Dual Directional Trigger PLUS do not pay interest.

· The amount payable on the Dual Directional 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***

· Investing in the Dual Directional Trigger PLUS is not equivalent to investing in the stocks included in the underlying index.

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

· The Dual Directional Trigger PLUS will not be adjusted for changes in exchange rates.

***General Risk Factors***

· Credit risk of the issuer.

· The estimated initial value of the Dual Directional 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 Dual Directional PLUS in the secondary market, if any.

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

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

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

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

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

· The market price of the Dual Directional Trigger PLUS will be influenced by many unpredictable factors.

· The Dual Directional Trigger 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 Dual Directional 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 Dual Directional Trigger PLUS —Tax considerations" concerning the U.S. federal income tax consequences of an investment in the Dual Directional 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 Dual Directional 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:** `tm2534578d321_fwp.pdf`

_No text found in this document._