汇丰控股美股招股说明书(2025-05-29版)

424B21d83763d424b2.htm424B2 TableofContents FiledPursuanttoRule424(b)(2)RegistrationNo.333-277306 Theinformationinthispreliminaryprospectussupplementisincompleteandmaybechanged.Thispreliminaryprospectussupplementandtheaccompanyingprospectusisnotanoffertosellthesesecuritiesanditisnotsolicitinganoffertobuythesesecuritiesinanyjurisdictionwheretheofferorsaleisnotpermitted. SUBJECTTOCOMPLETIONDATEDMAY29,2025PRELIMINARYPROSPECTUSSUPPLEMENT (ToprospectusdatedFebruary23,2024) HSBCHoldingsplc $%PerpetualSubordinatedContingentConvertibleSecurities (CallableDuringAnyOptionalRedemptionPeriod) Weareoffering$principalamountof%PerpetualSubordinatedContingentConvertibleSecurities(CallableDuringAnyOptionalRedemptionPeriod)(the“Securities”).TheSecuritieswillbeissuedpursuanttotheindenturedatedAugust1,2014(asamendedandsupplementedfromtimetotime),asamendedandsupplementedbyaneighteenthsupplementalindenture,whichisexpectedtobeenteredintoon,2025(together,the“Indenture”). From(andincluding),2025(the“IssueDate”)to(butexcluding),(suchdateandeachfifthanniversarydatethereafter,a“ResetDate”),theinterestrateontheSecuritieswillbe%perannum.FromandincludingeachResetDateto(butexcluding)thenextfollowingResetDate,theapplicableperannuminterestratewillbeequaltothesumoftheapplicableReferenceRateontherelevantResetDeterminationDateand%.Subjecttocancellationasdescribedfurtherbelow,wewillpayinterestontheSecurities,ifany,inarrearonandofeachyear,beginningon,2025. TheinterestratefollowinganyResetDatemaybelessthantheinterestratethatappliesimmediatelypriortosuchResetDate,includingtheinitialinterestrateof%.Moreover,interestwillbedueandpayableonaninterestpaymentdateonlytotheextentitisnotcancelledordeemedtohavebeencancelledinaccordancewiththetermsoftheSecurities.Wewillhavesoleandabsolutediscretionatalltimesandforanyreasontocancel(inwholeorinpart)anyinterestpaymentthatwouldotherwisebepayableonanyinterestpaymentdate.ThetermsoftheSecuritiesalsoprovideforcircumstancesunderwhichwewillberestrictedfrommakinganinterestpayment(inwholeorinpart)onaninterestpaymentdate,andtheinterestpayableinrespectofanysuchinterestpaymentdatewillbedeemedtohavebeencancelled(inwholeorinpart). TheSecuritiesareperpetualandhavenofixedmaturityorfixedredemptiondate.Asaresult,youmaynotreceiveanypaymentswithrespecttotheSecuritiesaswearenotrequiredtopaytheprincipalamountoftheSecuritiesatanytimepriortoaWinding-upEventandwewillhavethesoleandabsolutediscretionatalltimesandforanyreasontocancelinwholeanyinterestpayment. WemayredeemtheSecuritiesinoursolediscretioninwhole(butnotinpart)at100%oftheirprincipalamountplusanyaccruedandunpaidinterestto(butexcluding)thedateofredemption(excludinganycancelledordeemedtohavebeencancelledinterest)duringanyOptionalRedemptionPeriod(asdefinedbelow). Wemay,atouroptioninoursolediscretion,iftheoutstandingaggregateprincipalamountoftheSecuritiesis25%orlessoftheaggregateprincipalamountoftheSecuritiesoriginallyissued(and,forthesepurposes,anyadditionalsecuritiesissuedaftertheIssueDateandconsolidatedwiththeSecuritiesaspartofthesameseriesshallbedeemedtohavebeenoriginallyissued),redeemtheremainingoutstandingSecuritiesinwhole(butnotinpart)atanytimeataredemptionpriceequalto100%oftheprincipalamountofsuchoutstandingSecuritiesplusanyaccruedandunpaidinterestto(butexcluding)thedateofredemption(whichinterestwillexcludeanyinterestthatiscancelledordeemedtohavebeencancelledasdescribedunder“DescriptionoftheSecurities—Interest—InterestCancellation”).See“DescriptionoftheSecurities—Redemption—ResidualCall.” Moreover,wemayredeemtheSecuritiesupontheoccurrenceofcertaintaxandregulatoryeventsasdescribedinthisprospectussupplementunder“DescriptionoftheSecurities—Redemption—SpecialEventRedemption.”AnyredemptionoftheSecuritiesissubjecttotheconditionsdescribedinthisprospectussupplementunder“DescriptionoftheSecurities—Redemption—RedemptionorPurchaseConditions.” IfaCapitalAdequacyTriggerEventoccurs,thenanAutomaticConversionwilloccurwithoutdelay(butnolaterthanonemonthfollowingthedateonwhichitisdeterminedsuchCapitalAdequacyTriggerEventhasoccurred),atwhichpointallofourobligationsundertheSecuritieswillbereleasedirrevocablyandautomaticallyinconsiderationofourissuanceofConversionSharestotheConversionSharesDepositoryonbehalfofthesecurityholders(ortotherelevantrecipientinaccordancewiththetermsoftheSecurities)ontheConversionDate,andundernocircumstanceswillsuchreleasedobligationsbereinstated.OntheSettlementDate,weexpecttheConversionSharesDepositorytodelivertothesecurityholderseither(i)ConversionShares(basedontheConversionPrice)or(ii)ifweelect,inoursoleandabsolutediscretion,thataConversionSharesOfferbemade,theConversionSharesOfferConsideration(consistingoftheproratashareofcashproceedsfromthesaleofanyConversionSharespursuanttotheConversionSharesOffer(basedontheConversionSharesOfferPrice)andtheproratashareofanyConversionSharesnotsoldpursuanttotheConversionSharesOffer(basedontheConversionPrice)).TherealizablevalueofanyConversionSharesreceivedbyasecurityholderfollowinganAutomaticConversionmaybesignificantlyless thanthe