# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-25-118526
**Filing Date:** 2025-12
**Character Count:** 171475
**Document Hash:** ddf15850ee567ba65326edd4f4ec6afe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118526.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001104659-25-118526

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**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:** 251550674

**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

Filed Pursuant to Rule 433<br> Registration No. 333-277211<br> December 4, 2025<br> FREE WRITING PROSPECTUS<br> (To Prospectus dated February 21, 2024,<br> Prospectus Supplement dated February 21, 2024 and<br> Equity Index Underlying Supplement dated February 21, 2024)<br>

![](tm2532455d31_fwpimg001.jpg)

**Linked to a Weighted Basket Consisting of the S&P 500<sup>®</sup> Index (35.00%), the Russell 2000<sup>®</sup> Index (20.00%), the Nasdaq-100 Index<sup>®</sup> (15.00%), the EURO STOXX 50<sup>®</sup> Index (15.00%) and the MSCI Emerging Markets Index (15.00%)**

&nbsp;&nbsp;&nbsp;&nbsp;► 2.00x exposure to any positive return of the Reference Asset, subject to a Maximum Cap of at least 21.75% (to be determined on the Trade Date).

&nbsp;&nbsp;&nbsp;&nbsp;► Protection from the first 10.00% of any losses of the Reference Asset

&nbsp;&nbsp;&nbsp;&nbsp;► Due December 27, 2027

&nbsp;&nbsp;&nbsp;&nbsp;► All payments on the notes are subject to the credit risk of HSBC USA Inc.

The Buffer Accelerated Market Participation Securities<sup>TM</sup> (each a "Note" and collectively the "Notes") offered hereunder will not be listed on any U.S. securities exchange or automated quotation system. The Notes will not bear interest.

Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this document, the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement. Any representation to the contrary is a criminal offense. We have appointed HSBC Securities (USA) Inc., an affiliate of ours, as the agent for the sale of the Notes. HSBC Securities (USA) Inc. will purchase the Notes from us for distribution to other registered broker-dealers or will offer the Notes directly to investors. In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this document relates in market-making transactions in any Notes after their initial sale. Unless we or our agent inform you otherwise in the confirmation of sale, the pricing supplement to which this document relates is being used in a market-making transaction. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page FWP-18 of this document.

**Investment in the Notes involves certain risks. You should refer to "Risk Factors" beginning on page FWP-9 of this document, page S-1 of the accompanying prospectus supplement and page S-1 of the accompanying Equity Index Underlying Supplement.**

The Estimated Initial Value of the Notes on the Trade Date is expected to be between $940.00 and $980.00 per Note, which will be less than the price to public. The market value of the Notes at any time will reflect many factors and cannot be predicted with accuracy. See "Estimated Initial Value" on page FWP-5 and "Risk Factors" beginning on page FWP-9 of this document for additional information.

---

| | | | |
|:---|:---|:---|:---|
| | Price to Public | Underwriting Discount<sup>(1)</sup> | Proceeds to Issuer |
| &nbsp;&nbsp;&nbsp;Per Note | $1000 |  |  |
| &nbsp;&nbsp;&nbsp;Total |  |  |  |

---

<sup>(1)</sup> HSBC USA Inc. or one of our affiliates may pay varying referral fees of up to 0.80% per $1,000 Principal Amount in connection with the distribution of the Notes to other registered broker-dealers. Neither HSBC USA Inc. nor any of its affiliates will pay an underwriting discount in connection with the distribution of the Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page FWP-18 of this document.

The Notes:

Are Not FDIC Insured <u>Are Not Bank Guaranteed</u> <u>May Lose Value</u>

![](tm2532455d31_fwpimg002.jpg)

**Indicative Terms<sup>(1)</sup>**

---

| | |
|:---|:---|
| **Principal Amount** | $1,000 per Note |

---

---

| | |
|:---|:---|
| **Reference Asset and Component Weights:** | **Component Weights:** |
| **Reference Asset and Component Weights:** The S&P 500<sup>®</sup> Index (Ticker: SPX) | 35.00% |
| **Reference Asset and Component Weights:** The Russell 2000<sup>®</sup> Index (Ticker: RTY) | 20.00% |
| **Reference Asset and Component Weights:** The Nasdaq-100 Index<sup>®</sup> (Ticker NDX) | 15.00% |
| **Reference Asset and Component Weights:** The EURO STOXX 50<sup>®</sup> Index | 15.00% |
| The Nasdaq-100 Index<sup>®</sup> (Ticker NDX) | 15.00% |

---

---

| | |
|:---|:---|
| **Upside Participation Rate** | 200.00% (2.00x) |
| **Maximum Cap** | At least 21.75% (to be determined in the Trade Date) |
| **Buffer Percentage** | -10.00% |
| **Reference Return** | The Reference Return will equal the sum of the following products: each Reference Asset Component Return (1) multiplied by the Component Weight |
| **Reference Asset Component Return:** | The quotient, expressed as a percentage, calculated as follows:<br><u>Final Component Value – Initial Component Value</u><br> Initial Component Value<br>|
| **Payment at Maturity per Note** | ■ **If the Reference Return is greater than zero:**<br> $1,000 Principal Amount, equal to the lesser of:<br> (a) $1,000 + ($1,000 × Reference Return × Upside Participation Rate); and (b) $1,000 + ($1,000 × Maximum Cap).<br> ■ **If the Reference Return is less than or equal to zero but greater than or equal to the Buffer Percentage:**<br> $1,000 (zero return).<br> ■ **If the Reference Return is less than the Buffer Percentage:** <br> $1,000 + [$1,000 × (Reference Return + 10.00%)].<br> For example, if the Reference Return is -40.00%, you will suffer a 30.00% loss and receive 70.00% of the Principal Amount, subject to the credit risk of HSBC USA, Inc. If the Reference Return is less than the Buffer Percentage, you will lose some or a significant portion (up to 90.00%) of your investment. |
| **Initial Component Value:** | With respect to each Reference Asset Component, the its Official Closing Level on the Pricing Date, as determined by the calculation agent. |
| **Final Component Value:** | With respect to each Reference Asset Component, its Official Closing Level on the Final Valuation Date, as determined by the calculation agent. |
| **Initial Value** | Set to 100 on the Pricing Date. |
| **Final Value** | 100 × (1 + Reference Return) |
| **Pricing Date** | December 19, 2025 |
| **Trade Date** | December 19, 2025 |
| **Original Issue Date** | December 24, 2025 |
| **Final Valuation Date<sup>(2)</sup>** | December 21, 2027 |
| **Maturity Date<sup>(2)</sup>** | December 27, 2027 |
| **CUSIP/ISIN** | 40447DUN6/US40447DUN64 |

---

**The Notes**

The Notes may be suitable for investors who believe that the Reference Asset will increase over the term of the Notes. So long as the Reference Return is greater than -10.00%, the Notes will outperform the Reference Asset.

If the Reference Asset appreciates over the term of the Notes, you will realize a return equal to 200.00% (2.00x) of the Reference Asset appreciation, subject to a Maximum Cap of at least 21.75% (to be determined on the Trade Date).

Should the Reference Asset decline, you will lose 1% of your investment for every 1% decline in the Reference Asset beyond the Buffer Percentage, you will lose some or a significant portion (up to 90.00%) of your investment.

![](tm2532455d31_fwp015.jpg)

<sup>(1)</sup> As more fully described starting on page FWP-4.

<sup>(2)</sup> Subject to adjustment as described under "Additional Terms of the Notes" in the accompanying Equity Index Underlying Supplement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Payoff Example** | &nbsp;&nbsp;![](tm2532455d31_fwpimg003.jpg) |
| &nbsp;&nbsp; The table at right shows the hypothetical payout profile of an investment in the Notes reflecting the Upside Participation Rate of 200.00% (2.00x), reflecting the Buffer Percentage of -10.00%, and assuming a Maximum Cap of 21.75% (to be determined on the Trade Date).<br>| &nbsp;&nbsp;![](tm2532455d31_fwpimg003.jpg) |

---

---

| | |
|:---|:---|
| **Information about the Reference Asset Components** | **Information about the Reference Asset Components** |
| The SPX is a capitalization-weighted index of 500 U.S. stocks. It is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. | ![](tm2532455d31_fwpimg004.jpg) |
| The RTY is designed to track the performance of the small capitalization segment of the United States equity market. All 2,000 stocks are traded on the New York Stock Exchange or Nasdaq, and the RTY consists of the smallest 2,000 companies included in the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index is composed of the 3,000 largest United States companies as determined by market capitalization and represents approximately 98% of the United States equity market. | ![](tm2532455d31_fwpimg005.jpg) |
| The NDX is a modified market capitalization-weighted index of 100 of the largest non-financial companies listed on the NASDAQ Stock Market based on market capitalization. It does not contain securities of financial companies (based on the Financials industry classification according to the Industry Classification Benchmark). Each underlying stock's influence on the level of the NDX is directly proportional to the value of its share weight. | ![](tm2532455d31_fwpimg006.jpg) |
| The SX5E 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 SX5E has a fixed number of components and is part of the STOXX blue-chip index family. The SX5E captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI). | ![](tm2532455d31_fwpimg007.jpg) |
| The MXEF is a free float-adjusted market capitalization index intended to measure equity market performance in select emerging market countries based on large and mid-capitalization stocks. The MXEF aims to cover approximately 85% of the free float-adjusted market capitalization in each selected country. | ![](tm2532455d31_fwpimg008.jpg) |

---

The graphs above illustrate the daily performance of each Reference Asset Component from December 1, 2015 through December 1, 2025. The closing levels in the graph above were obtained from the Bloomberg Professional<sup>®</sup> Service. Past performance is not necessarily an indication of future results. For further information on each Reference Asset Component, please see "Description of the Reference Asset" on page FWP-14 of this free writing prospectus. We have derived all disclosure regarding each Reference Asset Component from publicly available information. Neither HSBC USA Inc. nor any of its affiliates have undertaken any independent review of, or made any due diligence inquiry with respect to, the publicly available information about each Reference Asset Component

HSBC USA Inc.

Buffered Accelerated Market Participation Securities<sup>TM</sup>

**Linked to a Weighted Basket Consisting of the S&P 500<sup>®</sup> Index, the Russell 2000<sup>®</sup> Index, the Nasdaq-100 Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the MSCI Emerging Markets Index** 

This document relates to a single offering of Buffered Accelerated Market Participation Securities<sup>TM</sup>. The Notes will have the terms described in this document and the accompanying prospectus, prospectus supplement and Equity Index Underlying Supplement. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement, or Equity Index Underlying Supplement, the terms described in this document shall control.

This document relates to an offering of Notes linked to the performance of the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. linked to the Reference Asset as described below. The following key terms relate to the offering of the Notes:

---

| | |
|:---|:---|
| **Issuer:** | HSBC USA Inc. |
| **Principal Amount:** | $1,000 per Note |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reference Asset and Component Weights :** | A weighted basket consisting of the following (each, a "Reference Asset Component" or an "Underlying", and together, the "Reference Asset Components"): | &nbsp;&nbsp;&nbsp;**Component<br> Weights:** | &nbsp;&nbsp;&nbsp;**Initial Component <br> Value:** |
| **Reference Asset and Component Weights :** | The S&P 500<sup>®</sup> Index (Ticker: SPX) | &nbsp;&nbsp;&nbsp;35.00% | &nbsp;&nbsp;&nbsp;TBD |
| **Reference Asset and Component Weights :** | The Russell 2000<sup>®</sup> Index (Ticker: RTY) | &nbsp;&nbsp;&nbsp;20.00% | &nbsp;&nbsp;&nbsp;TBD |
| **Reference Asset and Component Weights :** | The Nasdaq-100 Index<sup>®</sup> (Ticker: NDX | &nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;TBD |
| **Reference Asset and Component Weights :** | The EURO STOXX 50<sup>®</sup> Index (Ticker: SX5E) | &nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;TBD |
| **Reference Asset and Component Weights :** | The MSCI Emerging Markets Index (Ticker: "MXEF") | &nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;TBD |

---

---

| | |
|:---|:---|
| **Trade Date:** | December 19, 2025 |
| **Pricing Date:** | December 19, 2025 |
| **Original Issue Date:** | December 24, 2025 |
| **Final Valuation Date:** | December 21, 2027 subject to adjustment as described under "Additional Terms of the Notes—Valuation Dates" in the accompanying Equity Index Underlying Supplement. |
| **Maturity Date:** | 3 business days after the Final Valuation Date, and expected to be December 27, 2027. The Maturity Date is 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. |
| **Upside Participation Rate:** | 200.00% (2.00x) |
| **Payment at Maturity:** | On the Maturity Date, for each Note, we will pay you the Final Settlement Value. |
| **Final Settlement Value:** | For each $1,000 Principal Amount, you will receive a cash payment on the Maturity Date, calculated as follows:<br>■ ***If the Reference Return is greater than zero,*** you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount, equal to the lesser of: <br>(a) $1,000 + ($1,000 × Reference Return × Upside Participation Rate); and<br>(b) $1,000 + ($1,000 × Maximum Cap).<br>■ ***If the Reference Return is less than or equal to zero but greater than or equal to the Buffer Percentage***, you will receive $1,000 per $1,000 Principal Amount (zero return).<br>■ ***If the Reference Return is less than the Buffer Percentage,*** you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount, calculated as follows:<br> $1,000 + [$1,000 × (Reference Return + 10.00%)].<br> Under these circumstances, you will lose 1% of the Principal Amount of your Notes for each percentage point that the Reference Return is below the Buffer Percentage. For example, if the Reference Return is -40.00%, you will suffer a 30.00% loss and receive 70.00% of the Principal Amount, subject to the credit risk of HSBC. **If the Reference Return is less than the Buffer Percentage, you will lose some or a significant portion (up to 90.00%) of your investment.** |

---

---

| | |
|:---|:---|
| **Buffer Percentage:** | -10.00% |
| **Maximum Cap:** | At least 21.75% (to be determined on the Trade Date). |
| **Initial Value:** | Set to 100 on the Pricing Date. |
| **Final Value:** | 100 × (1 + Reference Return) |
| **Reference Return:** | The Reference Return will equal the sum of the following products: each Reference Asset Component Return multiplied by its respective Component Weight. |
| **Reference Asset Component Return:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The quotient, expressed as a percentage, calculated as follows:<br> <u>Final Component Value – Initial Component Value</u><br> Initial Component Value |
| **Initial Component Value:** | With respect to each Reference Asset Component, its Official Closing Level on the Pricing Date, as determined by the calculation agent. |
| **Final Component Value:** | With respect to each Reference Asset Component, its Official Closing Level on the Final Valuation Date, as determined by the calculation agent. |
| **Form of Notes:** | Book-Entry |
| **Listing:** | The Notes will not be listed on any U.S. securities exchange or quotation system. |
| **CUSIP/ISIN:** | 40447DUN6/ US40447DUN64 |
| **Estimated Initial Value:** | The Estimated Initial Value of the Notes is expected to be less than the price you pay to purchase the Notes. The Estimated Initial Value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Notes 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 Notes, 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 Notes in the secondary market, if any." |

---

*The Trade Date, the Pricing Date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the Notes.*

**GENERAL**

This document relates to an offering of Notes linked to the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. We reserve the right to withdraw, cancel or modify this offering and to reject orders in whole or in part. Although the offering of Notes relates to the Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the Reference Asset or any security included in any Reference Asset Component or as to the suitability of an investment in the Notes.

You should read this document together with the prospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024 and the Equity Index Underlying Supplement dated February 21, 2024. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement, the terms described in this document shall control. You should carefully consider, among other things, the matters set forth in "Risk Factors" beginning on page FWP-9 of this document, page S-1 of 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. As used herein, references to the "Issuer", "HSBC", "we", "us" and "our" are to HSBC USA Inc.

HSBC has filed a registration statement (including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this document 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 toll-free 1-866-811-8049.

You may also obtain:

► The Equity Index Underlying Supplement at: <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> 

► The prospectus supplement at: <u>[https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm](https://www.sec.gov/Archives/edgar/data/83246/000110465924025885/tm244959d3_424b2.htm)</u> 

► The prospectus at: <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> 

We are using this document to solicit from you an offer to purchase the Notes. You may revoke your offer to purchase the Notes at any time prior to the time at which we accept your offer by notifying HSBC Securities (USA) Inc. We reserve the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any material changes to the terms of the Notes, we will notify you.

**PAYMENT AT MATURITY**

On the Maturity Date, for each Note you hold, we will pay you the Final Settlement Value, which is an amount in cash, as described below:

**If the Reference Return is greater than zero**, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount, equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) $1,000 + ($1,000 × Reference Return × Upside Participation Rate); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $1,000 + ($1,000 × Maximum Cap).

**If the Reference Return is less than or equal to zero but greater than or equal to the Buffer Percentage,** you will receive a cash payment of $1,000 per $1,000 Principal Amount (zero return).

**If the Reference Return is less than the Buffer Percentage,** you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount, calculated as follows:

$1,000 + [$1,000 × (Reference Return + 10.00%)].

Under these circumstances, you will lose 1% of the Principal Amount of your Notes for each percentage point that the Reference Return is below the Buffer Percentage. For example, if the Reference Return is -40.00%, you will suffer a 30.00% loss and receive 70.00%of the Principal Amount, subject to the credit risk of HSBC. **You should be aware that if the Reference Return is less than the Buffer Percentage, you will lose some or a significant portion (up to 90.00%) of your investment.**

**Interest**

The Notes will not pay interest.

**Calculation Agent**

We or one of our affiliates will act as calculation agent with respect to the Notes.

**Reference Sponsors**

The reference sponsor of the SPX is S&P Dow Jones Indices LLC, a division of S&P Global. The reference sponsor of the RTY is FTSE Russell. The reference sponsor of the NDX is Nasdaq Inc. The reference sponsor of the SX5E is STOXX Limited. The reference sponsor of the MXEF is MSCI, Inc.

**INVESTOR SUITABILITY**

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| | |
|:---|:---|
| **The Notes may be suitable for you if:** | **The Notes may not be suitable for you if:** |
| ⏵ You seek an investment with an enhanced return linked to the potential positive performance of the Reference Asset and you believe the level of the Reference Asset will increase over the term of the Notes.<br>⏵ You are willing to invest in the Notes based on the Maximum Cap of at least 21.75% (to be determined on the Trade Date), which may limit your return at maturity.<br>⏵ You are willing to make an investment that is exposed to the negative Reference Return on a 1-to-1 basis from the Initial Value if the Reference Return is less than the Buffer Percentage of -10.00%.<br>⏵ You are willing to forgo dividends or other distributions paid to holders of the stocks included in any Underlying.<br>⏵ You are willing to accept the risk and return profile of the Notes versus a conventional debt security with a comparable maturity issued by HSBC or another issuer with a similar credit rating.<br>⏵ You do not seek current income from your investment.<br>⏵ You do not seek an investment for which there is an active secondary market.<br>⏵ You are willing to hold the Notes to maturity.<br>⏵ You are comfortable with the creditworthiness of HSBC, as Issuer of the Notes.<br>| ⏵ You believe the Reference Return will be negative or that the Reference Return will not be sufficiently positive to provide you with your desired return.<br>⏵ You are unwilling to invest in the Notes based on the Maximum Cap of at least 21.75% (to be determined on the Trade Date), which may limit your return at maturity.<br>⏵ You are unwilling to make an investment that is exposed to the negative Reference Return on a 1-to-1 basis from the Initial Value if the Reference Return is less than the Buffer Percentage of -10.00%.<br>⏵ You seek an investment that provides full return of principal.<br>⏵ 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.<br>⏵ You prefer to receive the dividends or other distributions paid to holders of the stocks included in any Underlying.<br>⏵ You seek current income from your investment.<br>⏵ You seek an investment for which there will be an active secondary market.<br>⏵ You are unable or unwilling to hold the Notes to maturity.<br>⏵ You are not willing or are unable to assume the credit risk associated with HSBC, as Issuer of the Notes. |

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**RISK FACTORS**

We urge you to read the section "Risk Factors" beginning on page S-1 of the accompanying prospectus supplement and on page S-1 of the accompanying Equity Index Underlying Supplement. You should understand the risks of investing in the Notes and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in this document and the accompanying, prospectus, prospectus supplement and Equity Index Underlying Supplement.

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 Notes described in the following sections:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;► "— 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

&nbsp;&nbsp;&nbsp;&nbsp;► "— 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 Notes***

**Your investment in the Notes may result in a loss.**

You will be exposed to the decline in the Final Value from the Initial Value beyond the Buffer Percentage of -10.00%. Accordingly, if the Reference Return is less than the Buffer Percentage of -10.00%, your Payment at Maturity will be less than the Principal Amount of your Notes. You will lose some or a significant portion (up to 90.00%) of your investment at maturity if the Reference Return is less than the Buffer Percentage.

**The appreciation on the Notes is limited by the Maximum Cap.**

You will not participate in any appreciation in the level of the Reference Asset (as multiplied by the Upside Participation Rate) beyond the Maximum Cap. You will not receive a return on the Notes greater than the Maximum Cap.

**The amount payable on the Notes is not linked to the level of the Reference Asset at any time other than on the Final Valuation Date.** 

The Final Value of the Reference Asset will be based on the Official Closing Levels of each Reference Asset Component on the Final Valuation Date, subject to postponement for non-trading days and certain Market Disruption Events. Even if the level of the Reference Asset appreciates prior to the Final Valuation Date but then decreases on the Final Valuation Date to a level that is equal to or less than the Initial Value, 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 Reference Asset prior to that decrease. Although the actual level of the Reference Asset on the Maturity Date or at other times during the term of the Notes may be higher than the Final Value, the Payment at Maturity will be based solely on the Official Closing Levels of the Reference Asset Components on the Final Valuation Date.

**Change in the value of one Reference Asset Component may be offset by a change in the value of any other Reference Asset Component.**

A change in the value of one Reference Asset Component on the Final Valuation Date may not correlate with a change in the value of any other Reference Asset Component. The value of one Reference Asset Component may increase, while the value of any other Reference Asset Component may not increase as much, or may even decrease. Therefore, in calculating the level of the Reference Asset, an increase in the value of one Reference Asset Component may be moderated, or wholly offset, by a lesser increase or decrease in the value of any other Reference Asset Component. This effect is further amplified by the differing weights of the Reference Asset Components. A change in the level of the SPX or RTY, which are more heavily weighted in the Reference Asset, will have a larger impact than a change in the level of the other Reference Asset Components.

**The Notes will not bear interest.** 

As a holder of the Notes, you will not receive interest payments.

***Risks Relating to the Reference Asset***

**Changes that affect an Underlying may affect the value of an Underlying and the market value of the Notes and the amount you will receive on the Notes and the amount you will receive at maturity.**

The policies of the reference sponsor of an Underlying concerning additions, deletions and substitutions of the stocks included in an Underlying, or the underlying futures contracts in the case of the SXPFP and the manner in which the reference sponsor takes account of certain changes affecting those stocks, may affect the value of an Underlying. The policies of the reference sponsor with respect to the calculation of an Underlying could also affect the value of an Underlying. The reference sponsor may discontinue or suspend calculation or dissemination of an Underlying. Any such actions could affect the value of an Underlying and the value of and the return on the Notes.

**Small-capitalization risk.** 

The RTY tracks companies that may be considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore the respective index level may be more volatile than an investment in stocks issued by larger companies. Stock prices of small-capitalization companies may also be more vulnerable than those of larger companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, making it difficult for the RTY to track them. In addition, small-capitalization companies are often less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences. These companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and competitive strengths than large-capitalization companies, and are more susceptible to adverse developments related to their products.

**Non-U.S. Securities Risk.**

Some of the equity securities included in the NDX are issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities, such as the Notes, involve risks associated with the home countries of the issuers of those non-U.S. equity securities. The prices of securities in non-U.S. markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws.

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

The levels of the SX5E and MXEF depend 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 Notes. 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 the MXEF and, as a result, the value of the Notes.

**The Notes will not be adjusted for changes in exchange rates.**

Although the equity securities included in the SX5E and MXEF are traded in currencies other than U.S. dollars, and your Notes are denominated in U.S. dollars, the amount payable on your Notes 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 the MXEF, and therefore your Notes. The amount we pay in respect of your Notes on the maturity date, if any, will be determined solely in accordance with the procedures described in this document.

**Risks associated with emerging markets.**

An investment in the Notes linked to the MXEF will involve risks not generally associated with investments which have no emerging market component. In particular, many emerging nations are undergoing rapid change, involving the restructuring of economic, political, financial and legal systems. Regulatory and tax environments may be subject to change without review or appeal. Many emerging markets suffer from underdevelopment of capital markets and tax regulation. The risk of expropriation and nationalization remains a threat. Guarding against such risks is made more difficult by low levels of corporate disclosure and unreliability of economic and financial data.

***General Risk Factors***

 ****

**The Notes are subject to the credit risk of HSBC USA Inc.**

The Notes 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 Notes 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 Notes, including any return of principal at maturity, 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 Notes 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 Notes.

**The Notes are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction.**

The Notes 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 or program of the United States or any other jurisdiction. An investment in the Notes 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 payments due on the Notes.

**The Estimated Initial Value of the Notes, 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 Notes in the secondary market, if any.**

The Estimated Initial Value of the Notes 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 Notes. 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 Notes may be lower if it were based on the prices 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 Notes to be more favorable to you. We will determine the value of the embedded derivatives in the Notes 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 Notes 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 Notes in the secondary market (if any exists) at any time.

**The price of your Notes 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 our affiliates' projected hedging profits (which may or may not be realized) for assuming risks inherent in hedging our obligations under the Notes, and the costs associated with structuring and hedging our obligations under the Notes. These costs will be used or retained by us or one of our affiliates. If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes 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 Notes in the secondary market, if any, at any time after issuance will vary based on many factors, including the values of the Underlyings and changes in market conditions, and cannot be predicted with accuracy. The Notes are not designed to be short-term trading instruments, and you should, therefore, be able and willing to hold the Notes to maturity. Any sale of the Notes prior to maturity could result in a loss to you.

**If we were to repurchase your Notes immediately after the Original Issue Date, the price you receive may be higher than the Estimated Initial Value of the Notes.** 

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 Notes 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 6 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 Notes and other costs in connection with the Notes that we will no longer expect to incur over the term of the Notes. 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 Notes and any agreement we may have with the distributors of the Notes. 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 Notes based on changes in market conditions and other factors that cannot be predicted.

**The Notes lack liquidity.**

The Notes will not be listed on any securities exchange or automated quotation system. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market, if any exists. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at

which you may be able to trade your Notes is likely to depend on the price, if any, at which HSBC Securities (USA) Inc. is willing to buy the Notes.

**Potential conflicts of interest may exist.**

An affiliate of HSBC has a minority equity interest in the owner of an electronic platform, through which we may make available certain structured investments offering materials. HSBC and its affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes. We will not have any obligation to consider your interests as a holder of the Notes in taking any action that might affect the value of your Notes.

**Uncertain tax treatment.**

For a discussion of the U.S. federal income tax consequences of your investment in a Note, please see the discussion under "U.S. Federal Income Tax Considerations" herein and the discussion under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement.

**ILLUSTRATIVE EXAMPLES**

The following table and examples are provided for illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases or decreases in the level of the Reference Asset relative to its Initial Value. We cannot predict the Final Value of the Reference Asset. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events. You should not take this illustration or these examples as an indication or assurance of the expected performance of the Reference Asset or the return on your Notes. The Final Settlement Value may be less than the amount that you would have received from a conventional debt security with the same stated maturity, including such a security issued by HSBC. The numbers appearing in the table below and following examples have been rounded for ease of analysis.

The table below illustrates the Payment at Maturity on a $1,000 investment in the Notes for a hypothetical range of Reference Returns from -100% to +100%. The following results are based solely on the assumptions outlined below. The "Hypothetical Return on the Notes" as used below is the number, expressed as a percentage, that results from comparing the Final Settlement Value per $1,000 Principal Amount to $1,000. The potential returns described here assume that your Notes are held to maturity. You should consider carefully whether the Notes are suitable to your investment goals. The following table and examples assume the following:

⏵ Principal Amount: $1,000

⏵ Initial Value: 100.00

⏵ Upside Participation Rate: 200.00%

⏵ Hypothetical Maximum Cap: 21.75%\*

⏵ Buffer Percentage: -10.00%

The Initial Value will be set to $100.00 on the Pricing Date.

\*The actual Maximum Cap will be at least 21.75% (to be determined on the Trade Date)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Hypothetical <br> Final Value** | &nbsp;&nbsp;**Hypothetical <br> Reference Return** | &nbsp;&nbsp; **Hypothetical<br> Payment at Maturity** | &nbsp;&nbsp; **Hypothetical <br> Return on the Notes** |
| &nbsp;&nbsp;240.00 | &nbsp;&nbsp;120.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;200.00 | &nbsp;&nbsp;100.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;190.00 | &nbsp;&nbsp;90.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;160.00 | &nbsp;&nbsp;60.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;140.00 | &nbsp;&nbsp;40.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;120.00 | &nbsp;&nbsp;20.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;115.00 | &nbsp;&nbsp;15.00% | $1217.50 | 21.75% |
| &nbsp;&nbsp;110.88 | &nbsp;&nbsp;10.88% | $1217.50 | 21.75% |
| &nbsp;&nbsp;105.00 | &nbsp;&nbsp;5.00% | $1100.00 | 10.00% |
| &nbsp;&nbsp;102.00 | &nbsp;&nbsp;2.00% | $1040.00 | 4.00% |
| &nbsp;&nbsp;101.00 | &nbsp;&nbsp;1.00% | $1020.00 | 2.00% |
| &nbsp;&nbsp;**100.00** | &nbsp;&nbsp;**0.00%** | **$1000.00** | **0.00%** |
| &nbsp;&nbsp;99.00 | &nbsp;&nbsp;-1.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;98.00 | &nbsp;&nbsp;-2.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;95.00 | &nbsp;&nbsp;-5.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;93.00 | &nbsp;&nbsp;-7.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;90.00 | &nbsp;&nbsp;-10.00% | $1000.00 | 0.00% |
| &nbsp;&nbsp;80.00 | &nbsp;&nbsp;-20.00% | $900.00 | -10.00% |
| &nbsp;&nbsp;70.00 | &nbsp;&nbsp;-30.00% | $800.00 | -20.00% |
| &nbsp;&nbsp;60.00 | &nbsp;&nbsp;-40.00% | $700.00 | -30.00% |
| &nbsp;&nbsp;50.00 | &nbsp;&nbsp;-50.00% | $600.00 | -40.00% |
| &nbsp;&nbsp;20.00 | &nbsp;&nbsp;-80.00% | $200.00 | -80.00% |
| &nbsp;&nbsp;0.00 | &nbsp;&nbsp;-100.00% | $100.00 | -90.00% |

---

The following examples indicate how the Final Settlement Value would be calculated with respect to a hypothetical $1,000 investment in the Notes.

**Example 1: The value of the Reference Asset increases from the Initial Value of 100.00 to a Final Value of 105.00.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Reference Return: | &nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;**Final Settlement Value:** | &nbsp;&nbsp;**$1100.00** |

---

Because the Reference Return is positive, the Final Settlement Value would be $1,100.00 per $1,000 Principal Amount, calculated as follows:

$1,000 + ($1,000 × Reference Return × Upside Participation Rate)

= $1,000 + ($1,000 × 5.00% ×200.00%)

= $1,100.00

Example 1 shows that you will receive the return of your principal investment plus a return equal to the Reference Return multiplied by the Upside Participation Rate when the Reference Asset appreciates and such Reference Return multiplied by the Upside Participation Rate does <u>not</u> exceed the Maximum Cap.

**Example 2: The value of the Reference Asset increases from the Initial Value of 100.00 to a Final Value of 120.00.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Reference Return: | &nbsp;&nbsp;20.00% |
| &nbsp;&nbsp;**Final Settlement Value:** | &nbsp;&nbsp;**$1217.50** |

---

Because the Reference Return is positive, and the Reference Return multiplied by the Upside Participation Rate is greater than the Maximum Cap, the Final Settlement Value would be $1,217.50 per $1,000 Principal Amount, calculated as follows:

$1,000 + ($1,000 × Maximum Cap)

= $1,000 + ($1,000 × 21.75%)

= $1,217.50

Example 2 shows that you will receive the return of your principal investment plus a return equal to the hypothetical Maximum Cap when the Reference Return is positive and such Reference Return multiplied by the Upside Participation Rate exceeds the Maximum Cap.

**Example 3: The value of the Reference Asset decreases from the Initial Value of 100.00 to a Final Value of 93.00.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Reference Return: | &nbsp;&nbsp;-7.00% |
| &nbsp;&nbsp;**Final Settlement Value:** | &nbsp;&nbsp;**$1000.00** |

---

Because the Reference Return is less than zero but greater than or equal to the Buffer Percentage of -10.00%, the Final Settlement Value would be $1,000.00 per $1,000 Principal Amount (a zero return).

**Example 4: The value of the Reference Asset decreases from the Initial Value of 100.00 to a Final Value of 60.00**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Reference Return: | &nbsp;&nbsp;-40.00% |
| &nbsp;&nbsp;**Final Settlement Value:** | &nbsp;&nbsp;**$700.00** |

---

Because the Reference Return is less than the Buffer Percentage of -10.00%, the Final Settlement Value would be per $1,000 Principal Amount, calculated as follows:

$1,000 + [$1,000 × (Reference Return + 10.00%)]

= $1,000 + [$1,000 × (-40.00% + 10.00%)]

= $700.00

Example 4 shows that you are exposed on a 1-to-1 basis to declines in the level of the Reference Asset beyond the Buffer Percentage of -10.00%. **You will lose some or a significant portion (up to 90.00%) of your investment**.

**DESCRIPTION OF THE REFERENCE ASSET**

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| | |
|:---|:---|
| **Description of the SPX**<br>The SPX is a capitalization-weighted index of 500 U.S. stocks. It is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries..<br>***For more information about the SPX, see "The S&P 500<sup>®</sup> Index" beginning on page S-54 of the accompanying Equity Index Underlying Supplement.*** | **Historical Performance of the SPX**<br>The following graph sets forth the historical performance of the SPX based on the daily historical closing values from December 1, 2015 through December 1, 2025. We obtained the closing values 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.<br>![](tm2532455d31_fwpimg009.jpg)  |

---

The historical values of the SPX should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the SPX on the Final Valuation Date.

---

| | |
|:---|:---|
| **Description of the RTY**<br>The RTY is designed to track the performance of the small capitalization segment of the United States equity market. All 2,000 stocks are traded on the New York Stock Exchange or Nasdaq, and the RTY consists of the smallest 2,000 companies included in the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index is composed of the 3,000 largest United States companies as determined by market capitalization and represents approximately 98% of the United States equity market.<br>***For more information about the RTY, see "The Russell 2000<sup>®</sup> Index" beginning on page S-44 of the accompanying Equity Index Underlying Supplement.***<br>| **Historical Performance of the RTY**<br>The following graph sets forth the historical performance of the RTY based on the daily historical closing values from December 1, 2015 through December 1, 2025. We obtained the closing values 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<br>![](tm2532455d31_fwpimg010.jpg) <br>|

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The historical values of the RTY should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the RTY on the Final Valuation Date.

---

| | |
|:---|:---|
| **Description of the NDX**<br>The NDX is a modified market capitalization-weighted index of 100 of the largest non-financial companies listed on the NASDAQ Stock Market based on market capitalization. It does not contain securities of financial companies (based on the Financials industry classification according to the Industry Classification Benchmark). Each underlying stock's influence on the level of the NDX is directly proportional to the value of its share weight.<br>***For more information about the NDX, see "The Nasdaq-100 Index<sup>®</sup>" beginning on page S-30 of the accompanying Equity Index Underlying Supplement.***<br>| **Historical Performance of the NDX**<br>The following graph sets forth the historical performance of the NDX based on the daily historical closing values from December 1, 2015 through December 1, 2025. We obtained the closing values 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<br>![](tm2532455d31_fwpimg011.jpg) <br>|

---

The historical values of the NDX should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the NDX on the Final Valuation Date.

---

| | |
|:---|:---|
| **Description of the MXEF**<br> The MXEF is a free float-adjusted market capitalization index intended to measure equity market performance in select emerging market countries based on large and mid-capitalization stocks. The MXEF aims to cover approximately 85% of the free float-adjusted market capitalization in each selected country.<br>***For more information about the MXEF, see "The MSCI Indices" beginning on page S-23 of the accompanying Equity Index Underlying Supplement.*** | **Historical Performance of the MXEF**<br>The following graph sets forth the historical performance of the MXEF based on the daily historical closing values from December 1, 2015 through December 1, 2025. We obtained the closing values 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<br>![](tm2532455d31_fwpimg012.jpg) <br>|

---

The historical values of the MXEF should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the MXEF on the Final Valuation Date.

---

| | |
|:---|:---|
| **Description of SX5E**<br>The SX5E 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 SX5E has a fixed number of components and is part of the STOXX blue-chip index family. The SX5E captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).<br>***For more information about the Reference Asset, see "The EURO STOXX 50<sup>®</sup> Index" beginning on page S-12 of the accompanying Equity Index Underlying Supplement.*** | **Historical Performance of the SX5E**<br>The following graph sets forth the historical performance of the SX5E based on the daily historical closing values from December 1, 2015 through December 1, 2025. We obtained the closing values 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<br>![](tm2532455d31_fwp013.jpg) <br>|

---

The historical values of the SX5E should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the SX5E on the Final Valuation Date.

**Hypothetical Performance of the Reference Asset**

The following graph illustrates the hypothetical daily performance of the Reference Asset from December 1, 2015 through December 1, 2025 based on closing level information from Bloomberg, if the level of the Reference Asset was made to equal 100 on December 1, 2015. The hypothetical performance reflects the performance the Reference Asset would have exhibited based on the actual historical performance of the Reference Asset Components. Neither the hypothetical performance of the Reference Asset nor the actual historical performance of any Reference Asset Component should be taken as indications of future performance.

![](tm2532455d31_fwp014.jpg)

We cannot give you assurance that the performance of the Reference Asset will result in the return of your initial investment. You may lose up to 100% of your investment.

**EVENTS OF DEFAULT AND ACCELERATION**

If the Notes have become immediately due and payable following an Event of Default (as defined in the accompanying prospectus) with respect to the Notes, the calculation agent will determine the accelerated payment due and payable at maturity in the same general manner as described in "Payment at Maturity" in this document. In that case, the scheduled trading day immediately preceding the date of acceleration will be used as the Final Valuation Date for purposes of determining the Reference Return, and the accelerated maturity date will be three business days after the accelerated Final Valuation Date. If a Market Disruption Event exists with respect to a Reference Asset Component on that scheduled trading day, then the accelerated Final Valuation Date for that Reference Asset Component will be postponed for up to five scheduled trading days (in the same manner used for postponing the originally scheduled Final Valuation Date). The accelerated maturity date will also be postponed by an equal number of business days. For the avoidance of doubt, if no Market Disruption Event exists with respect to a Reference Asset Component on the scheduled trading day immediately preceding the date of acceleration, the determination of such Reference Asset Component's Final Component Level will be made on such date, irrespective of the existence of a Market Disruption Event with respect to any other Reference Asset Component occurring on such date.

If the Notes have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with respect to the Notes. For more information, see "Description of Debt Notes — Senior Debt — Events of Default" in the accompanying prospectus.

**SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)**

We have appointed HSBC Securities (USA) Inc., an affiliate of HSBC, as the agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page of the pricing supplement to which this document relates, for distribution to other registered broker-dealers, or will offer the Notes directly to investors. HSBC Securities (USA) Inc. proposes to offer the Notes at the price to public set forth on the cover page of this document. HSBC USA Inc. or one of our affiliates may pay varying referral fees of up to 0.80% per $1,000 Principal Amount in connection with the distribution of the Notes to other registered broker-dealers. Neither HSBC USA Inc. nor any of its affiliates will pay an underwriting discount in connection with the distribution of the Notes.

An affiliate of HSBC has paid or may pay in the future an amount to broker-dealers in connection with the costs of the continuing implementation of systems to support the Notes. We or one of our affiliates may pay a fee to one or more broker dealers for providing certain services with respect to this offering, which may reduce the economic terms of the notes to you.

In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this document relates in market-making transactions after the initial sale of the Notes, but is under no obligation to make a market in the Notes and may discontinue any market-making activities at any time without notice.

See "Supplemental Plan of Distribution (Conflicts of Interest)" on page S-87 in the prospectus supplement.

We expect that delivery of the Notes will be made against payment for the Notes on or about the Original Issue Date set forth on the inside cover page of this document, which is more than one business day following the Trade 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 Notes 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.

**U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

There is no direct legal authority as to the proper tax treatment of the Notes, and therefore significant aspects of the tax treatment of the Notes are uncertain as to both the timing and character of any inclusion in income in respect of the Notes. Under one approach, a Note should be treated as a pre-paid executory contract with respect to the Reference Asset Components. We intend to treat the Notes consistent with this approach. Pursuant to the terms of the Notes, you agree to treat the Notes 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 a Note as a pre-paid executory contract with respect to the Reference Asset Components. Pursuant to this approach, we do not intend to report any income or gain with respect to the Notes prior to their 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 Note for more than one year at such time for U.S. federal income tax purposes.

We will not attempt to ascertain whether any of the entities whose stock is included in a Reference Asset Component would be treated as a passive foreign investment company ("PFIC") or United States real property holding corporation ("USRPHC"), both as defined for U.S.

federal income tax purposes. If one or more of the entities whose stock is included in a Reference Asset Component 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 in included in a Reference Asset Component and consult your tax advisor regarding the possible consequences to you if any entity whose stock is included in a Reference Asset Component is or becomes a PFIC or a USRPHC.

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 Notes are 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 Notes.

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 Notes are not "delta-one" instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting a Reference Asset Component or the Notes, and following such occurrence the Notes 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 a Reference Asset Component or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes 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.

For a discussion of the U.S. federal income tax consequences of your investment in a Note, please see the discussion under "U.S. Federal Income Tax Considerations" in the accompanying prospectus supplement.

PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT THEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES.`

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| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| **Free Writing Prospectus** | **Free Writing Prospectus** | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| General | FWP-6 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Payment at Maturity | FWP-7 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Investor Suitability | FWP-8 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Risk Factors | FWP-9 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Illustrative Examples | FWP-13 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of the Reference Asset | FWP-15 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Events of Default and Acceleration | FWP-18 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Supplemental Plan of Distribution (Conflicts of Interest) | FWP-18 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| U.S. Federal Income Tax Considerations | FWP-18 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| **Prospectus Supplement** | **Prospectus Supplement** | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Disclaimer | ii | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Risk Factors | S-1 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The DAX<sup>®</sup> Index | S-8 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Dow Jones Industrial Average<sup>®</sup> | S-10 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The EURO STOXX 50<sup>®</sup> Index | S-12 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The EURO STOXX<sup>®</sup> Banks Index | S-14 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The FTSE<sup>®</sup> 100 Index | S-16 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Hang Seng<sup>®</sup> Index | S-17 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Hang Seng China Enterprises Index | S-19 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The KOSPI 200 Index | S-21 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The MSCI Indices | S-23 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The NASDAQ 100 Index<sup>®</sup> | S-30 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Nikkei Stock Average | S-33 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The NYSE<sup>®</sup> FANG+™ Index | S-35 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The PHLX Housing Sector Index | S-40 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Russell 2000<sup>®</sup> Index | S-44 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P 100<sup>®</sup> Index | S-47 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P 500<sup>®</sup> Index | S-54 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P 500<sup>®</sup> Low Volatility Index | S-61 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P BRIC 40 Index | S-64 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P MidCap 400<sup>®</sup> Index | S-67 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P/ASX 200 Index | S-74 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The S&P 500<sup>®</sup> ESG Index | S-77 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The TOPIX<sup>®</sup> Index | S-82 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| The Swiss Market Index | S-84 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Additional Terms of the Notes | S-86 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| **Prospectus Supplement** | **Prospectus Supplement** | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Risk Factors | S-1 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Pricing Supplement | S-12 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Notes | S-14 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Use of Proceeds and Hedging | S-58 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Certain ERISA and Related Considerations | S-59 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| U.S. Federal Income Tax Considerations | S-61 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Supplemental Plan of Distribution (Conflicts of Interest) | S-87 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| **Prospectus** | **Prospectus** | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| About this Prospectus | 1 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Risk Factors | 2 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Where You Can Find More Information | 3 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Special Note Regarding Forward-Looking Statements | 4 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| HSBC USA Inc. | 6 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Use of Proceeds | 7 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Debt Securities | 8 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Preferred Stock | 19 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Warrants | 24 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Purchase Contracts | 29 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Description of Units | 32 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Book-Entry Procedures | 35 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Limitations on Issuances in Bearer Form | 39 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| U.S. Federal Income Tax Considerations Relating to Debt Securities | 40 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Certain European Union Tax Considerations Relating to Debt Securities | 48 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Plan of Distribution (Conflicts of Interest) | 49 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Notice to Canadian Investors | 52 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Notice to EEA Investors | 53 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Notice to U.K. Investors | 54 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| U.K. Financial Promotion | 54 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Certain ERISA and Related Matters | 55 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Legal Opinions | 57 | &nbsp;&nbsp; You should only rely on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.<br>**HSBC USA Inc.**<br>**$ Buffered Accelerated Market Participation<br> Securities<sup>TM</sup> Linked to a Weighted Basket<br> Consisting of the S&P 500<sup>®</sup> Index, the <br> Russell 2000<sup>®</sup> Index, the Nasdaq-100<br> Index<sup>®</sup>, the EURO STOXX 50<sup>®</sup> Index and the<br> MSCI Emerging Markets Index**<br>**December 4, 2025**<br>**Free Writing Prospectus** |
| Experts | 58 |  |

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### Attached PDF Documents

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