If the determination closing price or the final share price remains below the downside threshold level on each determination date over the term of the securities, you will not receive any contingent monthly payments. On December 7, , the U. Moreover, the effect of any applicable state, local or non-U. Holder provides proof of an applicable exemption or a correct taxpayer identification number, or otherwise complies with applicable requirements of the backup withholding rules. June 3, , subject to adjustment as described in the accompanying Stock-Linked Underlying Supplement. If an event occurs that does not require the calculation agent to adjust the amount payable at maturity, the market price of the securities may be materially and adversely affected. Securities and Exchange Commission, or SEC, nor any state securities commission has approved or disapproved the securities, or determined that this free writing prospectus or the accompanying Stock-Linked Underlying Supplement, prospectus supplement or prospectus is truthful or complete.

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The securities are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party.

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Treasury Department regulations or other guidance issued after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. The securities are not designed to ddvr short-term trading instruments, and you should, therefore, be able and willing to hold the securities to maturity. The deductibility of capital losses is subject to limitations.

Pursuant to the terms of the securities, you agree to treat a security for U.

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Fourth Quarter through November 18, Accordingly, the return on the securities may be significantly less than the return on a direct investment in the underlying shares during the term of the securities. In Example 3the closing price of the underlying shares remains below the downside threshold level on every determination date. As the law applicable to the U. Due to the absence of authorities that directly address the proper tax treatment of the securities, no assurance can be given that the IRS will accept, or that a court will uphold, the tax treatment described above.


The payments on the securities will be based on the closing price of the underlying shares on each dvt date, subject to postponement for non-trading days and certain market disruption events.

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Subscribers can instantly watch unlimited television shows and movies streamed over the Internet to their televisions, computers and mobile devices. Vitevision Mini P online H. In addition, information returns may be filed with the IRS in connection with payments on the securities and the proceeds from a sale, exchange, early redemption or other disposition of the securities, unless the U.

Neither the issuer nor any of its affiliates makes any representation to you as to the performance of the underlying shares. November Page 4. As a holder of the securities, you will not have any ownership interest or rights in the underlying shares.

Holders should note that the entire amount of the contingent monthly payments will be subject to U. Commissions and issue price: This discussion applies only to initial investors in the securities who: Moreover, the effect of any applicable state, local or non-U. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your securities in the secondary market if any exists at any time. Although the actual price of the underlying shares on the maturity date or at other times during the term of the securities may be higher than the price on one or more determination dates, the payments on the securities will be based solely on the price of the underlying shares on the determination dates.


However, if the securities have not previously been redeemed and the final share price is less than the downside threshold level, investors will be exposed to the decline in the closing price of the underlying shares, as compared to the initial share price, on a 1 to 1 basis and receive a cash payment that reflects the decrease in value of those shares from the initial stock price to the final stock price.

Because we do not expect that other broker-dealers will participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which HSBC Securities USA Inc.

Holder may be subject to backup withholding in respect of amounts paid to the Non-U. The estimated initial value of the securities will be calculated by us on the pricing date and will be less than the price to public. China CMS Software h.

These pricing models rely in part on certain evr about future events, which may prove to be incorrect. The securities will not be listed on any securities exchange.

The calculation agent, which is HSBC or one of its affiliates, will make determinations with respect to the securities. These hv4-416 models consider certain assumptions and variables, which can include volatility and interest rates. Upon a sale, exchange, early redemption or settlement of the securities at maturity, a U.

Hedging and trading activity by our affiliates could adversely affect the value of the securities. First 5 Determination Dates. Tax Treatment of the Securities.