# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-112057
**Filing Date:** 2025-11
**Character Count:** 60513
**Document Hash:** 481c4181ec20bc5b53acd551c7a0a1b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112057.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001104659-25-112057

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**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:** 251482124

**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

---

| |
|:---|
| **November 2025** |
| Free Writing Prospectus |
| Registration Statement No. 333-277211 |
| Dated November 12, 2025 |
| Filed Pursuant to Rule 433 |

---

Structured Investments <br> Opportunities in International Equities

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

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

**Principal at Risk Securities**

The Buffered PLUS offered are senior unsecured debt securities of HSBC USA Inc. ("HSBC"), will not pay interest, provide for a return of at least 15.00% of the principal amount at maturity and have the terms described in the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus, as supplemented or modified by this free writing prospectus. All references to "Reference Asset" in the prospectus supplement and the Equity Index Underlying Supplement shall refer to the "underlying index" herein. At maturity, if the level of the underlying index has appreciated from the initial level, investors will receive the stated principal amount of their investment plus a payment reflecting the leveraged upside performance of the underlying index, subject to the maximum payment at maturity. However, at maturity, if the level of the underlying index has depreciated from the initial level but not by more than the buffer amount, then investors will receive the stated principal amount of their investment. At maturity, if the level of the underlying index has depreciated from the initial level by more than the buffer amount, then investors will lose 1% for every 1% decline in the level of the underlying index beyond the buffer amount. The Buffered PLUS are for investors who seek an equity index-based return and who are willing to risk their principal and forgo current income and upside above the maximum payment at maturity in exchange for the leverage feature, which applies to a limited range of positive performance of the underlying index, and the limited protection against loss if the level of the underlying index does not decline by more than the buffer amount. **Investors may lose up to 85.00% of the stated principal amount of the Buffered PLUS. All payments on the Buffered PLUS are subject to the credit risk of HSBC.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**INDICATIVE TERMS** | |
| &nbsp;&nbsp;**Issuer:** | &nbsp;&nbsp;HSBC USA Inc. ("HSBC") |
| &nbsp;&nbsp;**Maturity date** **<sup>\*</sup>**:** | &nbsp;&nbsp;June 5, 2028, subject to adjustment as described under "Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement. |
| &nbsp;&nbsp;**Underlying index:** | &nbsp;&nbsp;The EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: SX5E) |
| &nbsp;&nbsp;**Aggregate principal amount:** | &nbsp;&nbsp;$ |
| &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 **equal to or less than** the initial level by an amount **equal to or less than** the buffer amount:<br> $1,000<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ 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;200.00% |
| &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;**Buffer amount:** | &nbsp;&nbsp;15.00% |
| &nbsp;&nbsp;**Valuation date** **<sup>\*</sup>**:** | &nbsp;&nbsp;May 31, 2028, subject to adjustment as described in "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement |
| &nbsp;&nbsp;**Index performance factor:** | &nbsp;&nbsp;final level / initial level |
| &nbsp;&nbsp;**Maximum payment at maturity:** | &nbsp;&nbsp;At least $1,290.00 per Buffered PLUS (at least 129.00% 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** **<sup>\*</sup>**:** | &nbsp;&nbsp;On or about November 28, 2025 |
| &nbsp;&nbsp;**Trade date** **<sup>\*</sup>**:** | &nbsp;&nbsp;On or about November 28, 2025 |
| &nbsp;&nbsp;**Original issue date** **<sup>\*</sup>**:** | &nbsp;&nbsp;On or about December 3, 2025 (3 business days after the trade date) |
| &nbsp;&nbsp;**Estimated initial value:** | &nbsp;&nbsp;The estimated initial value of the Buffered PLUS is expected to be less than the price you pay to purchase the Buffered PLUS. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Buffered PLUS in the secondary market, if any, at any time. The estimated initial value will be calculated on the trade date and will be set forth in the pricing supplement to which this free writing prospectus relates. See "Risk Factors — 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." |
| &nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;40447DQY7 |
| &nbsp;&nbsp;**ISIN:** | &nbsp;&nbsp;US40447DQY75 |
| &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. See "Additional Information About the Buffered PLUS - Supplemental plan of distribution." |
| &nbsp;&nbsp;**Commissions and issue price:** | Proceeds to issuer |
| &nbsp;&nbsp;**Per** **Buffered PLUS** | $970.00 |
| &nbsp;&nbsp;**Total** |  |

---

*(1)* *HSBC Securities (USA) Inc., acting as agent for HSBC, will receive a fee of $30.00 per $1,000 stated principal amount and will pay Morgan Stanley Wealth Management a fixed sales commission of $25.00 for each Buffered PLUS they sell. See "Additional Information About the Buffered PLUS - Supplemental plan of distribution."* 

*(2)* *Of the amount per $1,000 stated principal amount received by HSBC Securities (USA) Inc., acting as agent for HSBC, HSBC Securities (USA) Inc. will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Buffered PLUS.* 

**\*** **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.**

**The estimated initial value of the Buffered PLUS on the trade 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 "Estimated initial value" above and "Risk Factors" beginning on page 6 of this document for additional information.**

**An investment in the Buffered PLUS involves certain risks. See "Risk Factors" beginning on page 6 of this free writing prospectus, page S-1 of the Equity Index Underlying Supplement and page S-1 of the prospectus supplement.**

**Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved the Buffered PLUS, or determined that this free writing prospectus or the accompanying Equity Index Underlying Supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**HSBC has filed a registration statement (including a prospectus, a prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement, and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at** **www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling (212) 525-8010.**

**You should read this document together with the related Equity Index Underlying Supplement, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below.**

The Equity Index Underlying Supplement at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)

The prospectus supplement at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm)

The prospectus at: [https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm)

**The Buffered PLUS are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States or any other jurisdiction, and involve investment risks including possible loss of the stated principal amount invested due to the credit risk of HSBC.**

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

Investment Summary

**Buffered Performance Leveraged Upside Securities**

**Principal at Risk Securities**

The Buffered PLUS Based on the Level of the EURO STOXX 50<sup>®</sup> Index due June 5, 2028 (the "Buffered PLUS") can be used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ As
 an alternative to direct exposure to the underlying index that enhances returns for a certain
 range of positive performance of the underlying index, subject to the maximum payment at
 maturity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To
 enhance positive returns and potentially outperform the underlying index in a moderately
 bullish scenario

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To
 achieve similar levels of upside exposure to the underlying index as a direct investment
 in the securities included in the underlying index, subject to the maximum payment at maturity,
 while using fewer dollars by taking advantage of the leverage factor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To
 obtain a buffer against a specified level of negative performance in the underlying index

---

| | |
|:---|:---|
| **Maturity:** | Approximately 2.5 years |
| **Leverage factor:** | 200.00% |
| **Maximum payment at maturity:** | At least $1,290.00 per Buffered PLUS (at least 129.00% of the stated principal amount, to be determined on the trade date) |
| **Buffer amount:** | 15.00% |

---

Key Investment Rationale

The Buffered PLUS offer 200.00% leveraged upside on the positive performance of the underlying index, subject to a maximum payment at maturity of at least $1,290.00 per Buffered PLUS (at least 129.00% of the stated principal amount). The actual maximum payment at maturity will be determined on the trade date. However, if the level of the underlying index has declined from the initial level by more than the buffer amount as of the valuation date, investors will lose 1% for every 1% decrease in the level of the underlying index by more than the buffer amount. **Investors may lose up to 85.00% of the stated principal amount of the Buffered PLUS.** All payments on the Buffered PLUS are subject to the credit risk of HSBC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Leveraged Upside Performance** | The Buffered PLUS offer investors an opportunity to capture enhanced returns for a certain range of positive performance relative to a direct investment in the securities included in the underlying index. |
| &nbsp;&nbsp;**Buffer Feature** | At maturity, even if the level of the underlying index has declined over the term of the Buffered PLUS, you will receive your stated principal amount, but only if the level of the underlying index has declined by no more than the buffer amount from the initial level. |
| &nbsp;&nbsp;**Upside Scenario** | The level of the underlying index appreciates from the initial level and, at maturity for each Buffered PLUS, we will pay the stated principal amount of $1,000 plus 200.00% of the index percent increase, subject to a maximum payment at maturity of at least $1,290.00 per Buffered PLUS (at least 129.00% of the stated principal amount). |
| &nbsp;&nbsp;**Par Scenario** | The level of the underlying index depreciates from the initial level but by no more than 15.00%, and, at maturity for each Buffered PLUS, we will pay the stated principal amount of $1,000. |
| &nbsp;&nbsp;**Downside Scenario** | The level of the underlying index depreciates from the initial level by more than 15.00%, and, at maturity for each Buffered PLUS, you will lose 1% for every 1% that the level of the underlying index has decreased by more than 15.00%. |

---

November 2025 Page 2

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

How the Buffered PLUS Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the Buffered PLUS assuming the following terms:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Stated principal amount:** | &nbsp;&nbsp;$1,000 per Buffered PLUS |
| &nbsp;&nbsp;**Hypothetical Leverage factor:** | &nbsp;&nbsp;200.00% |
| &nbsp;&nbsp;**Hypothetical maximum** payment at maturity:** | &nbsp;&nbsp;At least $1,290.00 per Buffered PLUS (at least 129.00% of the stated principal amount). The actual maximum payment at maturity will be at least $1,290.00 per Buffered PLUS and will be determined on the trade date. |
| &nbsp;&nbsp;**Buffer amount:** | &nbsp;&nbsp;15.00% |

---

---

| |
|:---|
| &nbsp;&nbsp;**Buffered PLUS Payoff Diagram** |
| &nbsp;&nbsp;<br>![](tm2530078d154_fwpimg03.jpg) <br>|

---

**How it works**

▪ Upside
 Scenario: If the level of the underlying index appreciates from the initial level, investors
 would receive the $1,000 stated principal amount plus 200.00% of the appreciation of the
 underlying index over the term of the Buffered PLUS, subject to a hypothetical maximum payment
 at maturity of $1,290.00 per Buffered PLUS. Under the hypothetical terms of the Buffered
 PLUS, an investor would realize the hypothetical maximum payment at maturity at a final level
 of 114.50% of the initial level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For
 example, if the level of the underlying index appreciates 5%, investors would receive a 10.00%
 return, or $1,100.00 per Buffered PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For
 example, if the level of the underlying index appreciates 50%, investors would receive only
 the hypothetical maximum payment at maturity of $1,290.00 per Buffered PLUS, or 129.00% of
 the stated principal amount.

▪ Par
 Scenario: If the level of the underlying index depreciated from the initial level but by
 no more than 15.00%, investors would receive the stated principal amount of $1,000 per Buffered
 PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For
 example, if the level of the underlying index depreciates 5%, investors would receive the
 $1,000 stated principal amount.

November 2025 Page 3

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

▪ Downside
 Scenario: If the level of the underlying index depreciates from the initial level by more
 than 15.00%, the payment at maturity would be less than the stated principal amount of $1,000
 by an amount that is proportionate to the decrease in the level of the underlying index beyond
 the buffer amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ For
 example, if the underlying index depreciates 30%, investors would lose 15% of their principal
 and receive only $850.00 per Buffered PLUS at maturity, or 85% of the stated principal amount.

November 2025 Page 4

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

Investor Suitability

The Buffered PLUS may be suitable for you if:

▪ You
 seek an investment with an enhanced return linked to the potential positive performance of
 the underlying index and you believe the level of the underlying index will increase over
 the term of the Buffered PLUS.

▪ You
 are willing to invest in the Buffered PLUS based on the maximum payment at maturity of at
 least 129.00% of the stated principal amount (to be determined on the trade date), which
 may limit your return at maturity. The actual maximum payment at maturity will be determined
 on the trade date.

▪ You
 are willing to make an investment that is exposed to the potential loss of 1% of the principal
 amount for each percentage point that the underlying index decreases by more than 15.00%.

▪ You
 are willing to forgo dividends or other distributions paid to holders of the stocks included
 in the underlying index.

▪ You
 do not seek current income from your investment.

▪ You
 are willing to hold the Buffered PLUS to maturity.

▪ You
 do not seek an investment for which there will be an active secondary market.

▪ You
 are willing to accept the risk and return profile of the Buffered PLUS versus a conventional
 debt security with a comparable maturity issued by HSBC or another issuer with a similar
 credit rating.

▪ You
 are comfortable with the creditworthiness of HSBC, as Issuer of the Buffered PLUS.

The Buffered PLUS may not be suitable for you if:

▪ You
 believe the level of the underlying index will decrease, or that it will not increase sufficiently
 to provide you with your desired return.

▪ You
 are unwilling to invest in the Buffered PLUS based on the maximum payment at maturity of
 at least 129.00% of the stated principal amount (to be determined on the trade date), which
 may limit your return at maturity. The actual maximum payment at maturity will be determined
 on the trade date.

▪ You
 are unwilling to make an investment that is exposed to the potential loss of 1% of the principal
 amount for each percentage point that the underlying index decreases by more than 15.00%.

▪ You
 prefer to receive the dividends or other distributions paid on the stocks included in the
 underlying index.

▪ You
 seek current income from your investment.

▪ You
 are unable or unwilling to hold the Buffered PLUS to maturity.

▪ You
 seek an investment for which there will be an active secondary market.

▪ You
 prefer the lower risk, and therefore accept the potentially lower returns, of conventional
 debt securities with comparable maturities issued by HSBC or another issuer with a similar
 credit rating.

▪ You
 are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of
 the Buffered PLUS.

November 2025 Page 5

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

Risk Factors

We urge you to read the section "Risk Factors" beginning on page S-1 of the accompanying prospectus supplement and page S-1 of the accompanying Equity Index Underlying Supplement. Investing in the Buffered PLUS is not equivalent to investing directly in the underlying index. You should understand the risks of investing in the Buffered PLUS and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the Buffered PLUS in light of your particular financial circumstances and the information set forth in this document and the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus.

In addition to the risks discussed below, you should review "Risk Factors" in the accompanying prospectus supplement and Equity Index Underlying Supplement including the explanation of risks relating to the Buffered PLUS described in the following sections:

"—Risks Relating to All Note Issuances" in the prospectus supplement;

"—General Risks Related to Indices" in the Equity Index Underlying Supplement;

"—Securities Prices Generally Are Subject to Political, Economic, Financial and Social Factors that Apply to the Markets in which They Trade and, to a Lesser Extent, Foreign Markets" in the Equity Index Underlying Supplement; and

"—Time Differences Between the Domestic and Foreign Markets and New York City May Create Discrepancies in the Trading Level or Price of the Notes" in the Equity Index Underlying Supplement.

You will be subject to significant risks not associated with conventional fixed-rate or floating-rate debt securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Buffered PLUS do not pay interest.** The terms of the Buffered PLUS differ from those of ordinary
 debt securities in that the Buffered PLUS do not pay interest, and will provide for the return
 of only 15.00% of the principal amount at maturity. If the level of the underlying index
 depreciates from the initial level by more than 15.00%, you will receive for each Buffered
 PLUS that you hold a payment at maturity that is less than the stated principal amount by
 an amount proportionate to the decline in the level of the underlying index beyond the buffer
 amount, subject to the credit risk of HSBC. You may lose up to 85.00% of the stated principal
 amount of the Buffered PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The appreciation potential of the Buffered PLUS is limited by the maximum payment at maturity.** The appreciation potential of the Buffered PLUS is limited by the maximum payment at maturity
 of at least $1,290.00 per Buffered PLUS (at least 129.00% of the stated principal amount).
 The actual maximum payment at maturity will be determined on the trade date. Although the
 leverage factor provides 200.00% exposure to any amount by which the final level is greater
 than the initial level, because the payment at maturity will be limited to 129.00% of the
 stated principal amount for the Buffered PLUS (based on the maximum payment at maturity of
 $1,290.00), any increase in the final level over the initial level by more than 14.50% of
 the initial level will not further increase the return on the Buffered PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Investing in the Buffered PLUS is not equivalent to investing in the stocks included in the underlying index.** Investing in the Buffered PLUS is not equivalent to investing in the component
 securities of the underlying index. Investors in the Buffered PLUS will not have voting rights
 or rights to receive dividends or other distributions or any other rights with respect to
 the securities included in the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.** The final level will be based on the official
 closing level of the underlying index on the valuation date, subject to postponement for
 non-trading days and certain market disruption events. Even if the level of the underlying
 index appreciates prior to the valuation date but then decreases by the valuation date, the
 payment at maturity will be less, and may be significantly less, than it would have been
 had the payment at maturity been linked to the level of the underlying index prior to that
 decrease. Although the actual level of the underlying index on the stated maturity date or
 at other times during the term of the Buffered PLUS may be higher than the final level, the
 payment at maturity will be based solely on the official closing level of the underlying
 index on the valuation date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjustments to the underlying index could adversely affect the value of the Buffered PLUS.** STOXX
 Ltd., the sponsor of the underlying index, may add, delete or substitute the stocks included
 in the underlying index. In addition, the publisher of the underlying index may make other
 methodological changes that could change the level of the underlying index. Further, the
 publisher of the underlying index may discontinue or suspend calculation or publication of
 the underlying index at any time. Any such actions could affect the value of and the return
 on the Buffered PLUS.

November 2025 Page 6

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Risks associated with non-U.S. companies.** The level of the SX5E depends upon the stocks of
 non-U.S. companies, and thus involves risks associated with the home countries of those non-U.S.
 companies. The prices of these non-U.S. stocks may be affected by political, economic, financial
 and social factors in the home country of each applicable company, including changes in that
 country's government, economic and fiscal policies, currency exchange laws or other
 laws or restrictions, which could affect the value of the Buffered PLUS. These foreign securities
 may have less liquidity and could be more volatile than many of the securities traded in
 U.S. or other securities markets. Direct or indirect government intervention to stabilize
 the relevant foreign securities markets, as well as cross shareholdings in foreign companies,
 may affect trading levels or prices and volumes in those markets. The other special risks
 associated with foreign securities may include, but are not limited to: less liquidity and
 smaller market capitalizations; less rigorous regulation of securities markets; different
 accounting and disclosure standards; governmental interference; currency fluctuations; higher
 inflation; and social, economic and political uncertainties. These factors may adversely
 affect the performance of the SX5E and, as a result, the value of the Buffered PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Buffered PLUS will not be adjusted for changes in exchange rates.** Although the equity
 securities included in the SX5E are traded in currencies other than U.S. dollars, and the
 Buffered PLUS are denominated in U.S. dollars, the amount payable on the Buffered PLUS at
 maturity, if any, will not be adjusted for changes in the exchange rates between the U.S.
 dollar and the currencies in which these non-U.S. equity securities are denominated. Changes
 in exchange rates, however, may also reflect changes in the applicable non-U.S. economies
 that in turn may affect the value of the SX5E and therefore the Buffered PLUS. The amount
 we pay in respect of the Buffered PLUS on the maturity date, if any, will be determined solely
 in accordance with the procedures described in this document.

***General Risk Factors***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Credit risk of HSBC USA Inc.** The Buffered PLUS are senior unsecured debt obligations of the
 issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party.
 As further described in the accompanying prospectus supplement and prospectus, the Buffered
 PLUS will rank on par with all of the other unsecured and unsubordinated debt obligations
 of HSBC, except such obligations as may be preferred by operation of law. Any payment to
 be made on the Buffered PLUS depends on the ability of HSBC to satisfy its obligations as
 they come due. As a result, the actual and perceived creditworthiness of HSBC may affect
 the market value of the Buffered PLUS and, in the event HSBC were to default on its obligations,
 you may not receive the amounts owed to you under the terms of the Buffered PLUS and could
 lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **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 estimated initial value of
 the Buffered PLUS will be calculated by us on the trade date and is expected to be less than
 the price to public. The estimated initial value will reflect our and our affiliates'
 internal funding rate, which is the borrowing rate paid to issue market-linked securities,
 as well as the mid-market value of the embedded derivatives in the Buffered PLUS. This internal
 funding rate is typically lower than the rate we would use when we issue conventional fixed
 or floating rate debt securities. As a result of the difference between our internal funding
 rate and the rate we would use when we issue conventional fixed or floating rate debt securities,
 the estimated initial value of the Buffered PLUS may be lower if it were based on the levels
 at which our fixed or floating rate debt securities trade in the secondary market. In addition,
 if we were to use the rate we use for our conventional fixed or floating rate debt issuances,
 we would expect the economic terms of the Buffered PLUS to be more favorable to you. We will
 determine the value of the embedded derivatives in the Buffered PLUS by reference to our
 or our affiliates' internal pricing models. These pricing models consider certain assumptions
 and variables, which can include volatility and interest rates. Different pricing models
 and assumptions could provide valuations for the Buffered PLUS that are different from our
 estimated initial value. These pricing models rely in part on certain forecasts about future
 events, which may prove to be incorrect. The estimated initial value does not represent a
 minimum price at which we or any of our affiliates would be willing to purchase your Buffered
 PLUS in the secondary market (if any exists) at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.** The price to public takes into
 account certain costs. These costs include the underwriting discount, our affiliates'
 projected hedging profits (which may or may not be realized) for assuming risks inherent
 in hedging our obligations under the Buffered PLUS and the costs associated with structuring
 and hedging our obligations under the Buffered PLUS. These costs, except for the underwriting
 discount, will be used or retained by us or one of our affiliates. If you were to sell your
 Buffered PLUS in the secondary market, if any, the price you would receive for your Buffered
 PLUS may be less than the price you paid for them because secondary market prices will not
 take into account these costs. The price of your Buffered PLUS in the secondary market, if
 any, at any time after issuance will vary based on many factors, including the level of the
 underlying index and changes in market conditions, and cannot be predicted with accuracy.
 The Buffered PLUS are not designed to be short-term trading

November 2025 Page 7

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

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

**Principal at Risk Securities**

------

instruments, and you should, therefore, be able and willing to hold the Buffered PLUS to maturity. Any sale of the Buffered PLUS prior to maturity could result in a loss to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **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.** Assuming that all relevant factors remain constant after the original issue date,
 the price at which HSBC Securities (USA) Inc. may initially buy or sell the Buffered PLUS
 in the secondary market, if any, and the value that may initially be used for customer account
 statements, if any, may exceed the estimated initial value on the trade date for a temporary
 period expected to be approximately 15 months after the original issue date. This temporary
 price difference may exist because, in our discretion, we may elect to effectively reimburse
 to investors a portion of the estimated cost of hedging our obligations under the Buffered
 PLUS and other costs in connection with the Buffered PLUS that we will no longer expect to
 incur over the term of the Buffered PLUS. We will make such discretionary election and determine
 this temporary reimbursement period on the basis of a number of factors, including the tenor
 of the Buffered PLUS and any agreement we may have with the distributors of the Buffered
 PLUS. The amount of our estimated costs which we effectively reimburse to investors in this
 way may not be allocated ratably throughout the reimbursement period, and we may discontinue
 such reimbursement at any time or revise the duration of the reimbursement period after the
 original issue date of the Buffered PLUS based on changes in market conditions and other
 factors that cannot be predicted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The calculation agent, which is HSBC or one of its affiliates, will make determinations with respect to the Buffered PLUS.** As calculation agent, HSBC or one of its affiliates will
 determine the initial level and the final level, and will calculate the amount of cash, if
 any, that you will receive at maturity. Moreover, certain determinations made by HSBC or
 one of its affiliates in its capacity as calculation agent, may require it to exercise discretion
 and make subjective judgments, such as with respect to the occurrence or non-occurrence of
 market disruption events and the selection of a successor index or the calculation of the
 final level in the event of a discontinuance of the underlying index. These determinations,
 which may be subjective, may adversely affect the payout to you at maturity. Although the
 calculation agent will make all determinations and take all action in relation to the Buffered
 PLUS in good faith, it should be noted that such discretion could have an impact (positive
 or negative) on the value of your Buffered PLUS. The calculation agent is under no obligation
 to consider your interests as a holder of the Buffered PLUS in taking any actions, including
 the determination of the initial level, that might affect the value of your Buffered PLUS.
 See "Additional Terms of the Notes—Discontinuance or Modification of an Index"
 and "—Market Disruption Event" in the Equity Index Underlying Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Hedging and trading activity by our affiliates could potentially adversely affect the value of the Buffered PLUS.** One or more of our affiliates and/or third-party dealers expect to carry
 out hedging activities related to the Buffered PLUS (and possibly to other instruments linked
 to the underlying index or the securities comprising the underlying index), including trading
 in the securities comprising the underlying index as well as in other instruments related
 to the underlying index. As a result, these entities may be unwinding or adjusting hedge
 positions during the term of the Buffered PLUS, and the hedging strategy may involve greater
 and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some
 of our affiliates also trade those securities and other financial instruments related to
 the underlying index on a regular basis as part of their general broker-dealer and other
 businesses. Any of these hedging or trading activities on or prior to the trade date could
 potentially increase the initial level and, therefore, could increase the level at which
 the underlying index must close so that an investor does not suffer a loss on the investor's
 initial investment in the Buffered PLUS. Additionally, hedging or trading activities during
 the term of the Buffered PLUS, including on the valuation date, could adversely affect the
 level of the underlying index on the valuation date and, accordingly, the amount of cash,
 if any, an investor will receive at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Buffered PLUS are not insured by any governmental agency of the United States or any other jurisdiction.** The Buffered PLUS are not deposit liabilities or other obligations of a
 bank and are not insured by the Federal Deposit Insurance Corporation or any other governmental
 agency or program of the United States or any other jurisdiction. An investment in the Buffered
 PLUS is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its
 obligations as they become due, you may not receive the full amounts due on the Buffered
 PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The market price of the Buffered PLUS will be influenced by many unpredictable factors.** Several
 factors will influence the market price of the Buffered PLUS in the secondary market and
 the price at which HSBC Securities (USA) Inc. may be willing to purchase or sell the Buffered
 PLUS in the secondary market, including: the value, volatility and dividend yield, as applicable,
 of the underlying index and the securities included in the underlying index, interest and
 yield rates, time remaining to maturity, geopolitical conditions and economic, financial,
 political and regulatory or judicial events and any actual or anticipated changes in our
 credit ratings or credit spreads. The level of the underlying index may be, and has recently
 been, volatile, and we can give you no assurance that the volatility will lessen. See

November 2025 Page 8

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

"Information about the EURO STOXX 50<sup>®</sup> Index" below. You may receive less, and possibly significantly less, than the stated principal amount if you try to sell your Buffered PLUS prior to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The Buffered PLUS will not be listed on any securities exchange and secondary trading may be limited.** The Buffered PLUS will not be listed on any securities exchange or automated
 quotation system. Therefore, there may be little or no secondary market for the Buffered
 PLUS. HSBC Securities (USA) Inc. may, but is not obligated to, make a market in the Buffered
 PLUS. Even if there is a secondary market, it may not provide enough liquidity to allow you
 to trade or sell the Buffered PLUS easily. Because we do not expect that other broker-dealers
 will participate significantly in the secondary market for the Buffered PLUS, the price at
 which you may be able to trade your Buffered PLUS is likely to depend on the price, if any,
 at which HSBC Securities (USA) Inc. is willing to transact. If, at any time, HSBC Securities
 (USA) Inc. were to cease making a market in the Buffered PLUS, it is likely that there would
 be no secondary market for the Buffered PLUS. Accordingly, you should be willing to hold
 your Buffered PLUS to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **The U.S. federal income tax consequences of an investment in the Buffered PLUS are uncertain.** For a discussion of certain of the U.S. federal income tax consequences of your investment
 in a Buffered PLUS, please see the discussion under "Tax considerations" herein,
 and the discussion under "U.S. Federal Income Tax Considerations" in the accompanying
 prospectus supplement.

November 2025 Page 9

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

---

| |
|:---|
| Information About the EURO STOXX 50<sup>®</sup> Index<br>|
| &nbsp;&nbsp;The EURO STOXX 50<sup>®</sup> Index is derived from the EURO STOXX index and represents the performance of the 50 largest companies among the 20 supersectors in terms of free-float market capitalization in the Eurozone. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).<br>|
| &nbsp;&nbsp;***For more information about the SX5E, see "The EURO STOXX 50****<sup>®</sup> **Index" beginning on page S-12 of the accompanying Equity Index Underlying Supplement.***<br>|
| Historical Information |
| &nbsp;&nbsp;The following graph sets forth the historical performance of SX5E based on the daily historical official closing levels from November 10, 2015 through November 10, 2025. We obtained the official closing levels below from the Bloomberg Professional<sup>®</sup> service. We have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional<sup>®</sup> service. The historical levels of the underlying index should not be taken as an indication of its future performance, and no assurance can be given as to the level of the underlying index on the valuation date. |

---

&nbsp;&nbsp; <br> **Historical Performance of the Underlying Index – Daily Official Closing Levels**<br> **November 10, 2015** **to November 10, 2025**<br>

![](tm2530078d154_fwpimg04.jpg)

November 2025 Page 10

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

Additional Information About the Buffered PLUS

Please read this information in conjunction with the summary terms on the front cover of this document.

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**General Information** |  |
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;The Buffered PLUS will not be listed on any securities exchange. |
| &nbsp;&nbsp;**CUSIP:** | &nbsp;&nbsp;40447DQY7 |
| &nbsp;&nbsp;**ISIN:** | &nbsp;&nbsp;US40447DQY75 |
| &nbsp;&nbsp;**Minimum ticketing size:** | &nbsp;&nbsp;$1,000 / 1 Buffered PLUS |
| &nbsp;&nbsp;**Denominations:** | &nbsp;&nbsp;$1,000 per Buffered PLUS and integral multiples thereof |
| &nbsp;&nbsp;**Interest:** |  |
| &nbsp;&nbsp;**Tax considerations:** | &nbsp;&nbsp;There is no direct legal authority as to the proper tax treatment of each Buffered PLUS, and therefore significant aspects of the tax treatment of each Buffered PLUS are uncertain as to both the timing and character of any inclusion in income in respect of each Buffered PLUS. Under one approach, each Buffered PLUS could be treated as a pre-paid executory contract with respect to the underlying index. We intend to treat each Buffered PLUS consistent with this approach. Pursuant to the terms of each Buffered PLUS, you agree to treat each Buffered PLUS under this approach for all U.S. federal income tax purposes. Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U.S. tax counsel, Mayer Brown LLP, it is reasonable to treat each Buffered PLUS as a pre-paid executory contract with respect to the underlying index. Pursuant to this approach, we do not intend to report any income or gain with respect to each Buffered PLUS prior to maturity or an earlier sale or exchange, and we intend to treat any gain or loss upon maturity or an earlier sale or exchange as long-term capital gain or loss, provided that you have held the Buffered PLUS for more than one year at such time for U.S. federal income tax purposes.<br>In Notice 2008-2, the Internal Revenue Service and the Treasury Department requested comments as to whether the purchaser of certain securities (which may include the Buffered PLUS) should be required to accrue income during its term under a mark-to-market, accrual or other methodology, whether income and gain on such a security or contract should be ordinary or capital and whether foreign holders should be subject to withholding tax on any deemed income accrual. Accordingly, it is possible that regulations or other guidance could provide that a U.S. holder (as defined under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement) of a Buffered PLUS is required to accrue income in respect of the Buffered PLUS prior to the receipt of payments under the Buffered PLUS or its earlier sale or exchange. Moreover, it is possible that any such regulations or other guidance could treat all income and gain of a U.S. holder in respect of a Buffered PLUS as ordinary income (including gain on a sale or exchange). Finally, it is possible that a non-U.S. holder (as defined under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement) of the Buffered PLUS could be subject to U.S. withholding tax in respect of a Buffered PLUS. It is unclear whether any regulations or other guidance would apply to the Buffered PLUS (possibly on a retroactive basis). Prospective investors are urged to consult with their tax advisors regarding Notice 2008-2 and the possible effect to them of the issuance of regulations or other guidance that affects the U.S. federal income tax treatment of the Buffered PLUS.<br>We will not attempt to ascertain whether any of the entities whose stock is included in the underlying index would be treated as a passive foreign investment company (a "PFIC") or United States real property holding corporation (a "USRPHC"), both as defined for U.S. federal income tax purposes. If one or more of the entities whose stock is included in the underlying index were so treated, certain adverse U.S. federal income tax consequences might apply. You should refer to information filed with the SEC and other authorities by the entities whose stock is included in the underlying index and consult your tax advisor regarding the possible consequences to you if one or more of the entities whose stock is included in the underlying index is or becomes a PFIC or a USRPHC.<br>A "dividend equivalent" payment is treated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend equivalents if such specified ELIs reference an interest in an "underlying security," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, Internal Revenue Service guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027. Based on the Issuer's determination that the Buffered PLUS is not a "delta-one" instrument, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Buffered PLUS. However, it is possible that the Buffered PLUS could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the underlying index or the Buffered PLUS, and following such occurrence the Buffered PLUS could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the underlying index or the |

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November 2025 Page 11

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

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

**Principal at Risk Securities**

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;<br>Buffered PLUS should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Buffered PLUS and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.<br>Under current law, while the matter is not entirely clear, individual non-U.S. holders, and entities whose property is potentially includible in those individuals' gross estates for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty benefit, the Buffered PLUS is likely to be treated as U.S. situs property, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the U.S. federal estate tax consequences of investing in the Buffered PLUS.<br>For a further discussion of U.S. federal income tax consequences related to each Buffered PLUS, see the section "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement. |
| &nbsp;&nbsp;**Calculation agent:** | &nbsp;&nbsp;HSBC USA Inc., or one of its affiliates. |
| &nbsp;&nbsp;**Supplemental plan of distribution** **:** | &nbsp;&nbsp;Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc., an affiliate of HSBC, will purchase the Buffered PLUS from HSBC for distribution to Morgan Stanley Wealth Management. HSBC Securities (USA) Inc. will act as agent for the Buffered PLUS and will receive a fee of $30.00 per $1,000 stated principal amount and will pay to Morgan Stanley Wealth Management a fixed sales commission of $25.00 for each Buffered PLUS they sell. Of the amount per $1,000 stated principal amount received by HSBC Securities (USA) Inc., acting as agent for HSBC, HSBC Securities (USA) Inc. will pay Morgan Stanley Wealth Management a structuring fee of $5.00 for each Buffered PLUS.<br>In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market-making transactions after the initial sale of the Buffered PLUS, but is under no obligation to make a market in the Buffered PLUS and may discontinue any market-making activities at any time without notice.<br>We expect that delivery of the Buffered PLUS will be made against payment for the Buffered PLUS on or about the original issue date set forth on the cover page of this document, which is more than one business day following the Pricing Date. Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Buffered PLUS more than one business day prior to the original issue date will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors.<br>See "Supplemental Plan of Distribution (Conflicts of Interest)" on page S-87 in the prospectus supplement.<br>|
| &nbsp;&nbsp;**Events of default and acceleration:** | &nbsp;&nbsp;If the Buffered PLUS have become immediately due and payable following an event of default (as defined in the accompanying prospectus) with respect to the Buffered PLUS, the calculation agent will determine the accelerated payment at maturity due and payable in the same general manner as described in "payment at maturity" in this free writing prospectus. In such a case, the third scheduled trading day for the underlying index immediately preceding the date of acceleration will be used as the valuation date for purposes of determining the accelerated final level. If a market disruption event exists on that scheduled trading day, then the accelerated valuation date will be postponed for up to five scheduled trading days (in the same general manner used for postponing the originally scheduled valuation date). The accelerated maturity date will be the fifth business day following such accelerated postponed valuation date.<br>For more information, see "Description of Debt Securities — Senior Debt Securities — Events of Default" in the accompanying prospectus.<br>|
| &nbsp;&nbsp;**Where you can find more information** **:** | &nbsp;&nbsp;This free writing prospectus relates to an offering of the Buffered PLUS linked to the underlying index. The purchaser of a Buffered PLUS will acquire a senior unsecured debt security of HSBC USA Inc. We reserve the right to withdraw, cancel or modify any offering and to reject orders in whole or in part. Although the offering of Buffered PLUS relates to the underlying index, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the underlying index or any security included in the underlying index or as to the suitability of an investment in the Buffered PLUS.<br>HSBC has filed a registration statement (including a prospectus, a prospectus supplement and an Equity Index Underlying Supplement) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC's web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling (212) 525-8010.<br>You should read this document together with the prospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024 and Equity Index Underlying Supplement dated February 21, 2024. If the terms of the Buffered PLUS offered hereby are inconsistent with those described in the accompanying prospectus supplement, prospectus, or Equity Index Underlying Supplement, the terms described in this free writing prospectus shall control. You should carefully consider, among other things, the matters set forth in "Risk Factors" herein, on page S-1 of the accompanying Equity Index Underlying |

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November 2025 Page 12

![](tm2530078d154_fwpimg02.jpg)

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

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

**Principal at Risk Securities**

------

&nbsp;&nbsp;Supplement and page S-1 of the accompanying prospectus supplement, as the Buffered PLUS 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 Buffered PLUS. As used herein, references to the "Issuer", "HSBC", "we", "us" and "our" are to HSBC USA Inc.<br>You may access these documents on the SEC web site at www.sec.gov as follows:<br>The Equity Index Underlying Supplement at: <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)<br>The prospectus supplement at:<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) <br>The prospectus at: <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) <br>

*This document provides a summary of the terms and conditions of the Buffered PLUS. We encourage you to read the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus for this offering, which can be accessed via the hyperlinks on the front page of this document.*

"Performance Leveraged Upside Securities<sup>SM</sup>" and "PLUS<sup>SM</sup>" are service marks of Morgan Stanley.

November 2025 Page 13

### Attached PDF Documents

**Attachment 1:** `tm2530078d154_fwp.pdf`

_No text found in this document._