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Many emerging markets suffer from underdevelopment of capital markets and tax regulation.

The Estimated Initial Value of the notes is less than the price you pay to purchase the notes. You will be subject to significant risks not associated with conventional fixed-rate or floating-rate debt securities. 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.

In addition, the tax treatment of the Contingent Coupons is unclear. Gold prices may also be affected by industry factors such as industrial and jewelry demand, lending, sales and purchases of gold by the official sector, including central banks and other governmental agencies and multilateral institutions which hold gold, levels of gold production and production costs, and short-term changes in supply and demand because of trading activities in the gold market.

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. Treasury Department and Internal Revenue Service have announced that they intend to limit this withholding to equity-linked instruments issued on or after the date that is 90 days after the date of publication in the U.

Any ddgr of the notes prior to maturity could result in a hths to you.

Hghs dgdr f pdf

The holdings of the Reference Asset are concentrated in the gold and silver mining industries. In that case, the scheduled trading day immediately preceding dgr date of acceleration will be used as the Final Valuation Date for purposes of determining the Reference Return and whether the final coupon payment is payable, and the accelerated Maturity Date will be three business days after the accelerated Final Valuation Date.

Pursuant to the approach discussed above, we intend to treat any gain or loss upon maturity or an earlier sale, exchange or call as capital gain or loss in an amount equal to the difference between the amount you receive at such time other than with respect to a Contingent Coupon and your tax basis in the note.


These prices fluctuate widely and may be affected by numerous factors. Dated January 20, Calculation of Registration Fee. You should refer to hghhs filed with the SEC and other authorities by the entities whose stock is included in, or owned by, the Reference Asset, as the case may be, and consult yghs tax advisor regarding the possible consequences to you if one or more of the entities whose stock is included hyhs, or owned by, the Reference Asset, as the case may be, is or becomes a PFIC or a USRPHC.

As further described in the accompanying prospectus supplement and dbdr, 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. If the Official Closing Price of the Reference Asset is less than the Coupon Trigger on each of the Observation Dates, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, your notes.

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.

The notes will not be listed on any securities exchange. As a result of being linked to a single industry or sector, the notes may have increased volatility as the share price dgde the Reference Asset may be more susceptible to adverse factors that affect that industry or sector. Guarding against such risks is made more difficult by low levels of corporate disclosure and unreliability of economic and financial data.

Return of the Notes.

The payments on the notes may be less than the amount that you would have received from a conventional debt security with the same stated maturity, including those issued by HSBC. Barrier Price and Coupon Trigger. The Reference Asset invests in shares of gold and silver mining companies, but not in gold bullion or silver bullion.

We will not pay any additional amounts in respect of such withholding.


Risks Relating to All Note Issuances. Van Eck Associates Corporation is the reference issuer. The supply of silver consists of a combination of new mine production and existing stocks of bullion and fabricated fgdr held by governments, public and private financial institutions, industrial organizations and private individuals. The amount payable on the notes is not linked to the price of the Reference Asset at any time other than the Observation Dates, including the Final Egdr Date.


We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this pricing supplement, the accompanying ETF Underlying Supplement, prospectus supplement and prospectus. Dtdr risk of expropriation and nationalization remains a threat. Unless the notes are automatically called, 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:.

Risks Relating to Our Business.

Maturity of approximately 15 months. Dgdd one approach, a note should be treated as a contingent income-bearing pre-paid executory contract with respect to the Reference Asset. The quotient, expressed as a percentage, calculated as follows: The notes will have the terms described in this pricing supplement and the accompanying prospectus ughs, prospectus and ETF Underlying Supplement.

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. Are Not Bank Guaranteed.


Historical Performance of the GDX. Hgys or substantially all of the equity securities held by the Reference Asset are issued by gold or silver mining companies. Holders are urged to consult with their own tax advisors hgs the possible implications of this legislation on their investment in the notes.

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 notes may be automatically called prior to the Maturity Date. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events, and the hypothetical Initial Price used in the table and examples below is not the actual Initial Price.

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.