Business
Hong Kong Waiver-Contingent Convertible Securities
Hong Kong Waiver-Contingent Convertible Securities.
About this update from Hsbc Holdings Plc
[{"type":"text","content":"\n\nOn 19 March 2025, HSBC submitted the below announcement to the Stock Exchange of Hong Kong Limited regarding a waiver from strict compliance with the requirements of Rule 13.36(1) of the Hong Kong Listing Rules relating to contingent convertible securities.\nHong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.\n \n\n\n\n\n19 March 2025\n\n\n(Hong Kong Stock Code: 5)\n\n\n\n\nHSBC HOLDINGS PLC\n \nWaiver granted pursuant to Rule 13.36(1) of the Hong Kong Listing Rules relating to\ncontingent convertible securities\n \nHSBC Holdings plc (the \"Company\") has applied for, and The Stock Exchange of Hong Kong Limited has granted, a waiver from strict compliance with the requirements of Rule 13.36(1) of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the \"Hong Kong Listing Rules\") pursuant to which the Company is permitted to seek (and, if approved, to utilise) an authority (the \"Mandate\") to issue Contingent Convertible Securities (\"CCSs\") (and to allot ordinary shares into which they may be converted or exchanged) in excess of the limit of the general mandate of 20 per cent of the Company's issued share capital (the \"Waiver\").\n \nCCSs are debt securities which convert into ordinary shares in certain prescribed circumstances, and which benefit from a particular regulatory capital treatment under European Union and United Kingdom legislation.\n \nThe Company typically seeks at each annual general meeting (\"AGM\") a general authority to allot shares both on a pre-emptive and non-pre-emptive basis (\"General Allotment Authority\"). The General Allotment Authority is consistent with institutional guidelines issued by The Investment Association and the Pre-Emption Group's Statement of Principles and complies with the relevant requirements of the Hong Kong Listing Rules including Rule 13.36(2) which limits the general mandate for non-pre-emptive issues to 20 per cent of the Company's issued share capital.\n \nThe Mandate, if approved, will be in additio...