| Interest in associates and joint ventures |
| | | Interests in associates and joint ventures |
| | | Carrying amount of HSBC’s interests in associates and joint ventures | | | | | | | | | | | | Interests in joint ventures | | | Interests in associates and joint ventures | | |
| | | | | | Principal associates of HSBC | | | | | | | | | | | | | | | | | Bank of Communications Co., Limited | | | | | | | | | | | |
1Principal associates are listed on recognised stock exchanges. The fair values are based on the quoted market prices of the shares held (Level 1 in the fair value hierarchy). | | | | Principal associates of HSBC (continued) | | | | Jurisdiction of incorporation and principal place of business | | | Bank of Communications Co., Limited | | | | | | | |
1The Group’s interest in Bank of Communications Co., Limited (‘BoCom’) reduced from 19.03% to 16.00% following the completion of a capital issuance by BoCom on 17 June 2025. There has been no percentage change in HSBC’s shareholding interest in the Saudi Awwal Bank when compared with 2024. | | | | Share of profit in associates and joint ventures | | | | | | | | | | | | Bank of Communications Co., Limited | | | | | | | | Other associates and joint ventures | | | | Share of profit in associates and joint ventures | | | | Less: Impairment of interest in BoCom | | | |
Bank of Communications Co., Limited The results for the period ended 31 December 2025 included a $1.1bn loss from the dilution of our shareholding and a $1.0bn impairment to the carrying amount of the Group’s interest in BoCom. The Group’s interest in BoCom reduced from 19.03% to 16.00% following the completion of a capital issuance by BoCom on 17 June 2025. The dilution of the Group’s interest resulted in a pre-tax loss of $1.1bn, recognised in 'Other operating income/(expense)' in the Group’s consolidated income statement. The loss is not deductible for tax purposes as a consequence of our shareholding in BoCom being held for long-term investment purposes. In addition, the Group’s impairment test on the carrying amount at 30 June 2025 resulted in an impairment of $1.0bn, as the recoverable amount as determined by a value-in-use calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in associate'. Consistent with prior periods, our value-in-use (‘VIU’) calculation uses both historical experience and market participant views to estimate future cash flows, relevant discount rates and associated capital assumptions. No further impairment (or reversal) was required for the period from 1 July 2025 to 31 December 2025 based on results of the quarterly impairment tests performed. The impacts of the capital issuance have been incorporated in both the carrying amount and the VIU. The VIU assumptions incorporate updated expectations, taking into account both the impact of the capital issuance on BoCom’s financial position, and the latest macroeconomic, policy and industry factors in mainland China. We remain strategically committed to mainland China and continue our valued, strategic partnership with BoCom. HSBC’s Interest The Group’s investment in BoCom continues to be classified as an associate. Significant influence in BoCom was established with consideration of all relevant factors, including the Group’s latest shareholding, representation on BoCom’s Board of Directors, and participation in a resource and experience sharing agreement (‘RES’). Under the RES, HSBC staff have been seconded to assist in the maintenance of BoCom’s financial and operating policies. Investments in associates are recognised using the equity method of accounting in accordance with IAS 28 ‘Investments in Associates and Joint Ventures’, whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the Group’s share of associate’s net assets. An impairment test is required if there is any indication of impairment or reversal. The fair value of the Group’s investment in BoCom had been below its carrying amount. No impairment (or reversal) was required for the year ended 31 December 2024. If the Group did not have significant influence in BoCom, the investment would be carried at fair value rather than the current carrying amount. Impairment testing The Group’s impairment test at 30 June 2025 concluded that there were indications of impairment. As part of this assessment, an impairment test on the carrying amount with an updated VIU calculation was performed which resulted in an impairment of $1.0bn, as the recoverable amount as determined by the VIU calculation was lower than the carrying amount. The impairment was recognised within 'Impairment of interest in associate'. The impairment loss is not deductible for tax purposes. At 31 December 2025, no further impairment (or reversal) was required and the investment had a carrying amount of $22.5bn (2024: $22.4bn) and a fair value of $11.7bn (2024: $11.6bn). Basis of recoverable amountThe VIU calculation uses discounted cash flow projections based on management’s best estimates of future earnings available to ordinary shareholders prepared in accordance with IAS 36 ’Impairment of Assets’. Those cash flows used estimates based on BoCom’s current condition and so do not include estimated cash flows arising from uncommitted future actions that may affect the performance of the investment which will be considered at the relevant time should they arise. Significant management judgement is required in arriving at the best estimate. The VIU may increase or decrease depending on the effect of changes to model inputs. The main model inputs are described below and are based on factors observed at period-end. The factors that could result in increases or reductions in the VIU include changes in BoCom’s short-term performance, a change in regulatory capital requirements or revisions to the forecast of BoCom’s future profitability. There are two main components to the VIU calculation. The first component is management’s best estimate of BoCom’s earnings. Forecast earnings growth over the short to medium term continues to be lower than recent (within the last five years) actual growth, and reflects the impact of recent macroeconomic, policy and industry factors in mainland China. As a result of management‘s intent to continue to retain its investment for the long term, earnings beyond the short to medium term are extrapolated into perpetuity using a long-term growth rate to derive a terminal value, which comprises the majority of the VIU. The second component is the capital maintenance charge (‘CMC’), which is management’s forecast of the earnings that need to be withheld in order for BoCom to meet capital requirements over the forecast period, meaning that CMC is deducted when arriving at management’s estimate of future earnings available to ordinary shareholders. The CMC reflects the revised capital requirements arising from revisions of the ratio of risk-weighted assets to total assets assumption. The principal inputs to the CMC calculation include estimates of asset growth, the ratio of risk-weighted assets to total assets and the expected capital requirements. An increase in the CMC as a result of a change to these principal inputs would reduce VIU. Additionally, management considers other qualitative factors, to ensure that the inputs to the VIU calculation remain appropriate. Key assumptions in value in use calculation We used a number of assumptions in our VIU calculation, in accordance with the requirements of IAS 36: –Long-term profit growth rate: 3.00% (2024: 3.00%) for periods after 2029, which does not exceed forecast GDP growth in mainland China and is similar to forecasts by external analysts. –Long-term asset growth rate: 3.25% (2024: 3.25%) for periods after 2029, which is the rate that assets are expected to grow to achieve long- term profit growth of 3.00%. –Discount rate: 8.08% (2024: 8.53%), which is based on a capital asset pricing model (‘CAPM’), using market data. The discount rate used is within the range of 7.1% to 8.7% (2024: 7.1% to 8.8%) indicated by the CAPM, and decreased primarily as a consequence of a market-driven reduction in the risk-free rate. –Expected credit losses (‘ECL’) as a percentage of loans and advances to customers: ranges from 0.67% to 0.87% (2024: 0.74% to 0.93%) in the short to medium term, reflecting reported credit experience in mainland China. For periods after 2029, the ratio is 0.87% (2024: 0.97%), reflecting the anticipated continuation of BoCom’s lower average ECL as a percentage of loans and advances to customers experienced in recent years. –Risk-weighted assets as a percentage of total assets: ranges from 62.0% to 64.2% (2024: 62.0% to 62.5%) in the short to medium term, reflecting higher risk-weights in the short term followed by an expected reversion to recent historical levels. For periods after 2029, the ratio is 62.0% (2024: 62.0%), which continues to be similar to BoCom’s actual results in recent years. –Loans and advances to customers growth rate: ranges from 7.5% to 8.0% (2024: 7.5% to 9.5%) in the short to medium term, which is similar to BoCom’s actual results in recent years. Decreases in the forecast growth rate of loans and advances to customers result in lower forecast ECL. –Operating income growth rate: ranges from 0.5% to 7.4% (2024: 0.1% to 9.9%) in the short to medium term, which is similar to BoCom’s actual results in recent years. The projected net interest income over the short to medium term reduced to reflect expected pressure on net interest margin compared with the prior period, which led to a net reduction in the VIU. –Cost-income ratio: ranges from 34.8% to 40.0% (2024: 34.6% to 39.8%) in the short to medium term. These ratios are similar to BoCom’s actual results in recent years. –Long-term effective tax rate: 15.0% (2024: 15.0%) for periods after 2029, which is higher than the recent historical average, and aligned to the minimum tax rate as proposed by the OECD/Group of 20 (‘G20’) Inclusive Framework on Base Erosion and Profit Shifting. –Capital requirements: capital adequacy ratio of 12.5% (2024: 12.5%) and tier 1 capital adequacy ratio of 9.5% (2024: 9.5%), based on BoCom’s capital risk appetite and capital requirements respectively. The following table illustrates the impact on the carrying amount of reasonably possible changes to key assumptions used in the VIU calculation. This reflects the sensitivity of each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may occur at the same time. The selected rates of reasonably possible changes to key assumptions are based on external analysts’ forecasts, statutory requirements and other relevant external data sources, which can change period to period. Unless specified, favourable and unfavourable changes are consistently applied throughout short-to-medium and long-term forecast years, based on a straight-line average of the base case assumption. | | | | | Sensitivity of the carrying amount to the key VIU assumptions | | | | | | Reversal of impairment/ VIU headroom | | | | | | | | | | | | | Long-term profit growth rate | | | | | Long-term asset growth rate | | | | | | | | | | Expected credit losses as a percentage of loans and advances to customers1 | 2025 to 2029: 64 2030 onwards: 84 | | 2025 to 2029: 90 2030 onwards: 98 | | Risk-weighted assets as a percentage of total assets | | | | | Loans and advances to customers growth rate | | | | | Operating income growth rate | | | | | | | | | | Long-term effective tax rate | | | | | Capital requirements – capital adequacy ratio | | | | | Capital requirements – tier 1 capital adequacy ratio | | | | | | | | | | | | | | | Long-term profit growth rate | | | | | Long-term asset growth rate | | | | | | | | | | Expected credit losses as a percentage of loans and advances to customers1 | 2024 to 2028: 66 2029 onwards: 91 | | 2024 to 2028: 108 2029 onwards: 104 | | Risk-weighted assets as a percentage of total assets | | | | | Loans and advances to customers growth rate | | | | | Operating income growth rate | | | | | | | | | | Long-term effective tax rate | | | | | Capital requirements – capital adequacy ratio | | | | | Capital requirements – tier 1 capital adequacy ratio | | | | |
1The expected credit losses as a percentage of loans and advances to customers reflect selected favourable and unfavourable rates. Considering the interrelationship of the changes set out in the table above, management estimates that the reasonably possible range of VIU is $13.4bn to $31.0bn (2024: $13.5bn to $30.8bn), acknowledging that the fair value of the Group’s investment has ranged from $7.5bn to $13.1bn over the last five years as at the date of the impairment tests. The possible range of VIU is based on impacts set out in the table above arising from the favourable/unfavourable change in the operating income in the short to medium term, the expected credit losses as a percentage of loans and advances to customers, and a 50bps increase/decrease in the discount rate. All other long-term assumptions, and the basis of the CMC have been kept unchanged when determining the reasonably possible range of the VIU. Selected financial information of BoCom The statutory accounting reference date of BoCom is 31 December. For the year ended 31 December 2025, HSBC included the associate’s results on the basis of the financial statements for the 12 months ended 30 September 2025, taking into account any known changes in the subsequent period from 1 October 2025 to 31 December 2025 that would have materially affected the results. | | | Selected balance sheet information of BoCom | | | | | | | | | Cash and balances at central banks | | | Due from and placements with banks and other financial institutions | | | Loans and advances to customers | | | | | | | | | | | | Due to and placements from banks and other financial institutions | | | | | | Other financial liabilities | | | | | | | | | | | |
| | | Reconciliation of BoCom’s total shareholders’ equity to the carrying amount in HSBC’s consolidated financial statements | | | | | | | | | Equity attributable to shareholders | | | | | | Equity attributable to shareholders less other equity instruments | | | The Group's share of equity1 | | | | | | | | |
1This balance includes goodwill originally arising on acquisition and reflects the impacts from the dilution of our shareholding in BoCom as well as BoCom's interim dividend for the six months ended 30 June 2025. 2This balance includes the impact of foreign exchange movements. | | | Selected income statement information of BoCom | | For the 12 months ended 30 Sep | | | | | | | | | | Net fee and commission income | | | Credit and impairment losses | | | Depreciation and amortisation | | | | | | | | | Other comprehensive income | | | Total comprehensive income | | | Dividends received from BoCom | | |
The Group’s investment in Saudi Awwal Bank (‘SAB’) is classified as an associate. HSBC is the largest shareholder in SAB with a shareholding of 31%. Significant influence in SAB is established via representation on the Board of Directors. Investments in associates are recognised using the equity method of accounting in accordance with IAS 28, as described previously for BoCom. Impairment testing The fair value of the Group’s investment in SAB was marginally below the carrying amount as at 31 December 2025. An impairment test on the carrying amount with a VIU calculation was performed. The recoverable amount as determined by the VIU calculation was higher than the carrying amount using discounted cash flow projections. SAB has also had increasing profits each year. On that basis, the Group has concluded there is no indication of impairment. The VIU calculation was based on management’s best estimates of future earnings available to ordinary shareholders prepared in accordance with IAS 36 ‘Impairment of Assets’. Those cash flows used estimates based on SAB’s current condition and so do not include estimated cash flows arising from uncommitted future actions that may affect the performance of the investment, which will be considered at the relevant time should they arise. 20Structured entitiesHSBC is mainly involved with both consolidated and unconsolidated structured entities through the securitisation of financial assets, conduits and investment funds, established either by HSBC or a third party. Consolidated structured entities | | | | | | Total assets of HSBC’s consolidated structured entities, split by entity type | | | | | | | | | | | | | | | | | | | | | | | | |
HSBC has established and manages two types of conduits: securities investment conduits (‘SICs’) and multi-seller conduits. Securities investment conduits The SICs purchase highly rated ABSs to facilitate tailored investment opportunities. At 31 December 2025, HSBC’s principal SIC, Solitaire, did not hold any ABSs (2024: $0.7bn). Solitaire was previously funded entirely by commercial paper (‘CP’) issued to HSBC. At 31 December 2025, no CP was held by HSBC (2024: $1.0bn). Multi-seller conduit HSBC’s multi-seller conduit was established to provide access to flexible market-based sources of finance for its clients. Currently, HSBC bears risk equal to the transaction-specific facility offered to the multi-seller conduit, amounting to $6.4bn at 31 December 2025 (2024: $5.2bn). First loss protection is provided by the originator of the assets, and not by HSBC, through transaction-specific credit enhancements. A layer of loss protection is provided by HSBC in the form of a programme-wide enhancement facility. Securitisations HSBC uses structured entities to securitise customer loans and advances it originates in order to diversify its sources of funding for asset origination and capital efficiency purposes. The loans and advances are transferred by HSBC to the structured entities for cash or synthetically, and the structured entities issue debt securities to investors. Where synthetic securitisations are used, the credit risk associated with the loan portfolio of assets is transferred to the structured entities through loan portfolio financial guarantees. HSBC managed funds HSBC has established a number of money market and non-money market funds. Where it is deemed to be acting as principal rather than agent in its role as investment manager, HSBC controls these funds. Other HSBC has entered into a number of transactions in the normal course of business, which include asset and structured finance transactions where it has control of the structured entity. In addition, HSBC is deemed to control a number of third-party managed funds through its involvement as a principal in the funds. Unconsolidated structured entities The term ‘unconsolidated structured entities’ refers to all structured entities not controlled by HSBC. The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. | | | | | | Nature and risks associated with HSBC interests in unconsolidated structured entities | Total asset values of the entities ($m) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of entities at 31 Dec 2025 | | | | | | | | | | | | Total assets in relation to HSBC’s interests in the unconsolidated structured entities | | | | | | | | | | | | – financial assets designated and otherwise mandatorily measured at fair value through profit or loss | | | | | | – loans and advances to customers | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities in relation to HSBC’s interests in the unconsolidated structured entities | | | | | | | | | | | | Other off-balance sheet commitments | | | | | | HSBC’s maximum exposure at 31 Dec 2025 | | | | | | | | | | | | Total asset values of the entities ($m) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of entities at 31 Dec 2024 | | | | | | | | | | | | Total assets in relation to HSBC’s interests in the unconsolidated structured entities | | | | | | | | | | | | – financial assets designated and otherwise mandatorily measured at fair value through profit or loss | | | | | | – loans and advances to customers | | | | | | | | | | | | | | | | | | | | | | | | Total liabilities in relation to HSBC’s interests in the unconsolidated structured entities | | | | | | | | | | | | Other off-balance sheet commitments | | | | | | HSBC’s maximum exposure at 31 Dec 2024 | | | | | |
of its involvement with these entities regardless of the probability of the loss being incurred. –For commitments, guarantees and written credit default swaps, the maximum exposure to loss is the notional amount of potential future losses. –For retained and purchased investments and loans to unconsolidated structured entities, the maximum exposure to loss is the carrying amount of these interests at the balance sheet reporting date. The maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements that HSBC has entered into in order to mitigate the Group’s exposure to loss. Securitisations HSBC has interests in unconsolidated securitisation vehicles through holding notes issued by these entities. In addition, HSBC has investments in ABSs issued by third-party structured entities. HSBC managed funds HSBC establishes and manages money market funds and non-money market investment funds to provide customers with investment opportunities. Further information on funds under management is provided on page 94. HSBC, as fund manager, may be entitled to receive management and performance fees based on the assets under management. HSBC may also retain units in these funds. Non-HSBC managed funds HSBC purchases and holds units of third-party managed funds in order to facilitate business and meet customer needs. Other HSBC has established structured entities in the normal course of business, such as structured credit transactions for customers, to provide finance to public and private sector infrastructure projects, and for asset and structured finance transactions. In addition to the interests disclosed above, HSBC enters into derivative contracts, reverse repos and stock borrowing transactions with structured entities. These interests arise in the normal course of business for the facilitation of third-party transactions and risk management solutions. HSBC sponsored structured entitiesThe amount of assets transferred to and income received from such sponsored structured entities during 2025 and 2024 was not significant. 38HSBC Holdings’ subsidiaries, funds, joint ventures and associatesIn accordance with section 409 of the Companies Act 2006 a list of HSBC Holdings plc subsidiaries, funds, joint ventures and associates, the registered office addresses and the effective percentages of equity owned at 31 December 2025 are disclosed below. Unless otherwise stated, the share capital comprises ordinary or common shares that are held by Group subsidiaries. The ownership percentage is provided for each undertaking. The undertakings below are consolidated by HSBC unless otherwise indicated. | | | | | % of share class held by immediate parent company (or by the Group where this varies) | | AI Nominees (UK) One Limited | | | | AI Nominees (UK) Two Limited | | | | Almacenadora Banpacifico S.A. (In Liquidation) | | | | Assetfinance December (F) Limited | | | | Assetfinance December (H) Limited (In Liquidation) | | | | Assetfinance December (P) Limited | | | | Assetfinance December (R) Limited (In Liquidation) | | | | Assetfinance June (A) Limited | | | | Assetfinance June (D) Limited (In Liquidation) | | | | Assetfinance March (B) Limited | | | | Assetfinance March (D) Limited | | | | Assetfinance March (F) Limited (In Liquidation) | | | | Assetfinance September (F) Limited | | | | Assetfinance September (G) Limited (In Liquidation) | | | | B&Q Financial Services Limited (In Liquidation) | | | | | | | | Banco Nominees (Guernsey) Limited | | | | Banco Nominees 2 (Guernsey) Limited | | | | | | | | Beau Soleil Limited Partnership | | | | Beijing HSBC Real Estate Leasing Company Limited | | | | Beijing Miyun HSBC Rural Bank Company Limited | | | | BentallGreenOak China Real Estate Investments, L.P. | | | | Canada Square Nominees (UK) Limited | | | | | | | | | | | | CCF & Partners Asset Management Limited (In Liquidation) | | | | CCF Holding (Liban) S.A.L. (In Liquidation) | | | | Charterhouse Administrators (D.T.) Limited | | | | Charterhouse Management Services Limited | | | | Charterhouse Pensions Limited | | | | Chongqing Dazu HSBC Rural Bank Company Limited | | | | Chongqing Fengdu HSBC Rural Bank Company Limited | | | | Chongqing Rongchang HSBC Rural Bank Company Limited (In Liquidation) | | | | COIF Nominees (UK) Two Limited | | | | | | | | Corsair IV Financial Services Capital Partners - B L.P | | | | Dalian Pulandian HSBC Rural Bank Company Limited | | | | Decision One Mortgage Company, LLC | | | | Desarrollo Turistico, S.A. de C.V. (In Liquidation) | | | | Electronic Data Process México, S.A. de C.V. | | | | Eton Corporate Services Limited | | | | Flandres Contentieux S.A. | | | | | | | | Fujian Yongan HSBC Rural Bank Company Limited | | | | Fulcher Enterprises Company Limited (In Liquidation) | | | | | | | | | | | | Griffin International Limited (In Liquidation) | | | | Grupo Financiero HSBC, S. A. de C. V. | | | | Guangdong Enping HSBC Rural Bank Company Limited | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | Guangzhou HSBC Real Estate Company Ltd | | | | Hang Seng (Nominee) Limited | | | | Hang Seng Bank (China) Limited | | | | Hang Seng Bank (Trustee) Limited | | | | | | | | Hang Seng Bullion Company Limited | | | | Hang Seng Credit Limited (In Liquidation) | | | | Hang Seng Data Services Limited | | | | Hang Seng Finance Limited | | | | Hang Seng Financial Information Limited | | | | Hang Seng Indexes (Netherlands) B.V. | | | | Hang Seng Indexes Company Limited | | | | Hang Seng Insurance Company Limited | | | | Hang Seng Investment Management Limited | | | | Hang Seng Investment Services Limited | | | | Hang Seng Qianhai Fund Management Company Limited | | | | Hang Seng Real Estate Management Limited | | | | Hang Seng Securities Limited | | | | Hang Seng Security Management Limited | | | | | | | | Haseba Investment Company Limited | | | | HBPH Corporation (In Liquidation) | | | | HFC Bank Limited (In Liquidation) | | | | High Time Investments Limited | | | | | | | | Honey Blue Enterprises Limited | | | | Honey Green Enterprises Ltd. | | | | Honey Grey Enterprises Limited | | | | Honey Silver Enterprises Limited | | | | Household International Europe Limited (In Liquidation) | | | | Household Pooling Corporation | | | | | | | | HSBC (BGF) Investments Limited | | | | HSBC (Kuala Lumpur) Nominees Sdn Bhd | | | | HSBC (Malaysia) Trustee Berhad | | | | HSBC (Singapore) Nominees Pte Ltd | | | | HSBC Agency (India) Private Limited | | | | HSBC Amanah Malaysia Berhad | | | | HSBC Americas Corporation (Delaware) | | | | | | | | HSBC Asia Holdings Limited | | | | HSBC Asia Pacific Holdings (UK) Limited | | | | HSBC Asset Finance (UK) Limited | | | | HSBC Asset Finance M.O.G. Holdings (UK) Limited | | | | HSBC Australia Holdings Pty Limited | | | | | | | | HSBC Bank (China) Company Limited | | | | HSBC Bank (General Partner) Limited | | | | HSBC Bank (Mauritius) Limited | | | | HSBC Bank (Singapore) Limited | | | | HSBC Bank (Taiwan) Limited | | | | | | | | | | | | | | | | HSBC Bank Australia Limited | | | | HSBC Bank Bermuda Limited | | | | HSBC Bank Capital Funding (Sterling 1) LP | | | | | | | | HSBC Bank Malaysia Berhad | | | | | | | | HSBC Bank Middle East Limited | | | | HSBC Bank Pension Trust (UK) Limited | | | | | | | | HSBC Bank USA, National Association | | | | HSBC Branch Nominee (UK) Limited | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | | | | | HSBC Broking Forex (Asia) Limited | | | | HSBC Broking Futures (Asia) Limited | | | | HSBC Broking Futures (Hong Kong) Limited | | | | HSBC Broking Securities (Asia) Limited | | | | HSBC Broking Securities (Hong Kong) Limited | | | | HSBC Broking Services (Asia) Limited | | | | | | | | | | | | HSBC Casa de Bolsa, S.A. de C.V., Grupo Financiero HSBC | | | | HSBC Cayman Limited (In Liquidation) | | | | HSBC Cayman Services Limited | | | | HSBC Client Holdings Nominee (UK) Limited | | | | HSBC Client Nominee (Jersey) Limited | | | | | | | | HSBC Corporate Advisory (Malaysia) Sdn Bhd | | | | HSBC Corporate Finance (Hong Kong) Limited | | | | HSBC Corporate Secretary (UK) Limited | | | | HSBC Corporate Services (Shanghai) Co., Ltd. | | | | HSBC Corporate Trustee Company (UK) Limited | | | | HSBC Custody Nominees (Australia) Limited | | | | HSBC Custody Services (Guernsey) Limited | | | | HSBC Electronic Data Processing (Guangdong) Limited | | | | HSBC Electronic Data Processing (Malaysia) Sdn Bhd | | | | HSBC Electronic Data Processing (Philippines), Inc. | | | | HSBC Electronic Data Processing India Private Limited | | | | HSBC Electronic Data Processing Lanka (Private) Limited | | | | HSBC Electronic Data Service Delivery (Egypt) S.A.E | | | | HSBC Equipment Finance (UK) Limited | | | | HSBC Equity (UK) Limited (In Liquidation) | | | | | | | | HSBC Express Finance Data Services Limited | | | | | | | | HSBC Finance (Netherlands) | | | | | | | | HSBC Finance Limited (In Liquidation) | | | | HSBC Finance Transformation (UK) Limited | | | | HSBC Financial Advisors Singapore Pte. Ltd. | | | | HSBC Financial Services (Lebanon) S.A.L (In Liquidation) | | | | HSBC FinTech Services (Shanghai) Company Limited | | | | HSBC Global Custody Nominee (UK) Limited | | | | HSBC Global Custody Proprietary Nominee (UK) Limited | | | | HSBC Global Services (Canada) Limited | | | | HSBC Global Services (China) Holdings Limited | | | | HSBC Global Services (Hong Kong) Limited | | | | HSBC Global Services (UK) Limited | | | | HSBC Global Services Limited | | | | HSBC Group Management Services Limited | | | | HSBC Group Nominees UK Limited | | | | | | | | HSBC Innovation Bank Limited | | | | HSBC Institutional Trust Services (Asia) Limited | | | | HSBC Institutional Trust Services (Bermuda) Limited | | | | HSBC Institutional Trust Services (Mauritius) Limited | | | | HSBC Institutional Trust Services (Singapore) Limited | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | HSBC Insurance (Asia) Limited | | | | HSBC Insurance (Asia-Pacific) Holdings Limited | | | | HSBC Insurance (Bermuda) Limited | | | | HSBC Insurance Agency (USA) Inc. | | | | HSBC Insurance Brokerage Company Limited | | | | HSBC Insurance Brokers Greater China Limited | | | | HSBC Insurance SAC 1 (Bermuda) Limited | | | | HSBC Insurance SAC 2 (Bermuda) Limited | | | | HSBC International Finance Corporation (Delaware) | | | | HSBC International Trustee (BVI) Limited | | | | HSBC International Trustee (Holdings) Pte. Limited | | | | HSBC International Trustee Limited | | | | | | | | HSBC InvestDirect (India) Private Limited | | | | HSBC InvestDirect Financial Services (India) Limited | | | | HSBC InvestDirect Sales & Marketing (India) Private Limited | | | | HSBC InvestDirect Securities (India) Private Limited | | | | HSBC Investment and Insurance Brokerage, Philippines Inc. | | | | HSBC Investment Bank Holdings B.V. | | | | HSBC Investment Bank Holdings Limited | | | | HSBC Investment Company Limited | | | | HSBC Invoice Finance (UK) Limited | | | | HSBC Issuer Services Common Depositary Nominee (UK) Limited | | | | | | | | HSBC Latin America Holdings (UK) Limited | | | | HSBC Leasing (Asia) Limited | | | | HSBC Life (Bermuda) Limited | | | | HSBC Life (Cornell Centre) Limited | | | | HSBC Life (Edwick Centre) Limited | | | | HSBC Life (International) Limited | | | | HSBC Life (Property) Limited | | | | HSBC Life (Singapore) Pte. Ltd. | | | | HSBC Life (Tsing Yi Industrial) Limited | | | | | | | | HSBC Life (Workshop) Limited | | | | HSBC Life Assurance (Malta) Ltd. | | | | HSBC Life Insurance Company Limited | | | | | | | | | | | | HSBC Marking Name Nominee (UK) Limited | | | | HSBC Master Trust Trustee Limited (In Liquidation) | | | | HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC | | | | HSBC Middle East Asset CO. LLC | | | | HSBC Middle East Holdings B.V. | | | | HSBC Middle East Leasing Partnership | | | | HSBC Middle East Securities L.L.C (In Liquidation) | | | | HSBC Mortgage Corporation (USA) | | | | HSBC Nominees (Asing) Sdn Bhd | | | | HSBC Nominees (Hong Kong) Limited | | | | HSBC Nominees (New Zealand) Limited | | | | HSBC Nominees (Tempatan) Sdn Bhd | | | | HSBC North America Holdings Inc. | | | | HSBC Overseas Holdings (UK) Limited | | | | HSBC Overseas Investments Corporation (New York) | | | | HSBC Overseas Nominee (UK) Limited | | | | HSBC PB Corporate Services 1 Limited | | | | HSBC PB Services (Suisse) SA | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | HSBC Pension Trust (Ireland) DAC (In Liquidation) | | | | HSBC Pensiones, S.A. (In Liquidation) | | | | HSBC PI Holdings (Mauritius) Limited | | | | HSBC Preferential LP (UK) | | | | HSBC Private Bank (Luxembourg) S.A. | | | | HSBC Private Bank (Suisse) SA | | | | HSBC Private Bank (UK) Limited | | | | HSBC Private Banking Holdings (Suisse) SA | | | | HSBC Private Banking Nominee 3 (Jersey) Limited | | | | HSBC Private Equity Investments (UK) Limited | | | | HSBC Private Markets Management SARL | | | | HSBC Private Trustee (Hong Kong) Limited | | | | HSBC Professional Services (India) Private Limited | | | | HSBC Property (UK) Limited | | | | HSBC Property Funds (Holding) Limited | | | | HSBC Provident Fund Trustee (Hong Kong) Limited | | | | HSBC Qianhai Securities Limited | | | | HSBC Real Estate Leasing (France) | | | | HSBC REGIO Fund General Partner S.à r.l. | | | | HSBC Retirement Benefits Trustee (UK) Limited | | | | HSBC Retirement Services Limited (In Liquidation) | | | | HSBC Saudi Arabia, Closed Joint Stock Company | | | | HSBC Securities (Egypt) S.A.E. (In Liquidation) | | | | HSBC Securities (Japan) Co., Ltd. | | | | HSBC Securities (Singapore) Pte Limited | | | | HSBC Securities (South Africa) (Pty) Limited | | | | HSBC Securities (Taiwan) Corporation Limited | | | | HSBC Securities (USA) Inc. | | | | HSBC Securities and Capital Markets (India) Private Limited | | | | HSBC Securities Brokers (Asia) Limited | | | | HSBC Securities Investments (Asia) Limited | | | | HSBC Securities Services (Bermuda) Limited | | | | HSBC Securities Services (Guernsey) Limited | | | | HSBC Securities Services (Ireland) DAC | | | | HSBC Securities Services (Luxembourg) S.A. | | | | HSBC Securities Services Holdings (Ireland) DAC | | | | HSBC Securities Services Nominees Limited | | | | HSBC Seguros, S.A de C.V., Grupo Financiero HSBC | | | | | | | | HSBC Service Company Germany GmbH | | | | HSBC Service Delivery (Polska) Sp. z o.o. | | | | | | | | HSBC Services Japan Limited | | | | | | | | HSBC Servicios Financieros, S.A. de C.V | | | | HSBC Servicios, S.A. DE C.V., Grupo Financiero HSBC | | | | | | | | HSBC Software Development (Guangdong) Limited | | | | HSBC Software Development (India) Private Limited | | | | HSBC Software Development (Malaysia) Sdn Bhd | | | | HSBC Specialist Investments Limited | | | | HSBC Technology & Services (USA) Inc. | | | | HSBC Transaction Services GmbH | | | | HSBC Trinkaus & Burkhardt (International) S.A. | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | HSBC Trinkaus & Burkhardt Gesellschaft fur Bankbeteiligungen mbH | | | | HSBC Trinkaus & Burkhardt GmbH | | | | HSBC Trinkaus Real Estate GmbH | | | | HSBC Trust Company (Delaware), National Association | | | | HSBC Trustee (C.I.) Limited | | | | HSBC Trustee (Cayman) Limited | | | | HSBC Trustee (Guernsey) Limited | | | | HSBC Trustee (Hong Kong) Limited | | | | HSBC Trustee (Singapore) Limited | | | | | | | | HSBC UK Client Nominee Limited | | | | HSBC UK Covered Bonds LLP | | | | HSBC UK Societal Projects Limited (In Dissolution) | | | | | | | | | | | | HSBC Violet Investments (Mauritius) Limited | | | | HSBC Wealth Client Nominee Limited | | | | HSBC Yatirim Menkul Degerler A.S. | | | | HSI Asset Securitization Corporation | | | | HSI International Limited | | | | | | | | Hubei Macheng HSBC Rural Bank Company Limited | | | | Hubei Suizhou Cengdu HSBC Rural Bank Company Limited | | | | Hubei Tianmen HSBC Rural Bank Company Limited | | | | Hunan Pingjiang HSBC Rural Bank Company Limited | | | | | | | | Inmobiliaria Bisa, S.A. de C.V. | | | | Inmobiliaria Grufin, S.A. de C.V. | | | | Inmobiliaria Guatusi, S.A. de C.V. | | | | Internationale Kapitalanlagegesellschaft mit beschränkter Haftung | | | | James Capel (Nominees) Limited | | | | James Capel (Taiwan) Nominees Limited | | | | | | | | Lion Corporate Services Limited | | | | Lion International Corporate Services Limited | | | | Lion International Management Limited | | | | Lion Management (Hong Kong) Limited | | | | | | | | Marks and Spencer Financial Services plc | | | | Marks and Spencer Unit Trust Management Limited | | | | Midcorp Limited (In Liquidation) | | | | Midland Bank (Branch Nominees) Limited | | | | | | | | MP Payments Group Limited | | | | MP Payments Middle East AE L.L.C. (In Liquidation) | | | | MP Payments Operations Limited | | | | MP Payments Singapore Pte. Ltd. (In Liquidation) | | | | | | | | Prudential Client HSBC GIS Nominee (UK) Limited | | | | | | | | PT HSBC Sekuritas Indonesia | | | | | | | | Real Estate Collateral Management Company | | | | Republic Nominees Limited | | | | RLUKREF Nominees (UK) One Limited | | | | RLUKREF Nominees (UK) Two Limited | | | | S.A.P.C. - Ufipro Recouvrement | | | | | | | | | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | | | | | SFSS Nominees (Pty) Limited | | | | Shandong Rongcheng HSBC Rural Bank Company Limited | | | | Shenzhen HSBC Development Company Ltd | | | | | | | | SNC Les Oliviers D'Antibes | | | | | | | | | | | | | | | | Société Française et Suisse | | | | | | | | Somers Nominees (Far East) Limited | | | | | | | | St Cross Trustees Limited | | | | Sun Hung Kai Development (Lujiazui III) Limited | | | | The Hongkong and Shanghai Banking Corporation Limited | | | | Tooley Street View Limited | | | | Trinkaus Europa Immobilien-Fonds Nr.3 Objekt Utrecht Verwaltungs-GmbH | | | | Trinkaus Immobilien-Fonds Geschaeftsfuehrungs-GmbH | | | | Trinkaus Immobilien-Fonds Verwaltungs- GmbH | | | | Trinkaus Private Equity Management GmbH | | | | Trinkaus Private Equity Verwaltungs GmbH | | | | Turnsonic (Nominees) Limited | | | | Valeurs Mobilières Elysées | | | | | | | | | | | | Wayfoong Nominees Limited | | | | | | | | | | | | Yan Nin Development Company Limited | | | |
Funds The undertakings below are part of our fund management structure. | | | | | % of share class held by immediate parent company (or by the Group where this varies) | | Amber 2022 Direct Lending Fund SCA SICAV-RAIF | | | | AMGB International Long-Term Equity Strategy Mandate | | | | Blackthorn Diversified Credit 2024 LP | | | | | | | | Cinnabar 2021 Direct Lending Cell 1 PC | | | | Copper Direct Lending L.P. | | | | | | | | Deerpath Capital VII (Cayman), LP | | | | Diversified Loan Fund – Direct Lending A S.a.r.l | | | | Diversified Loan Fund – Direct Lending B S.a.r.l | | | | Diversified Loan Fund – Syndicated Loan A S.a.r.l | | | | Diversified Loan Fund – Syndicated Loan C S.a.r.l | | | | DRC European Real Estate Debt Fund IV (EUR) L.P. | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | | | | | | | | | Hayfin Garnet Feeder Fund S.C.A. SICAV- RAIF | | | | Hayfin Garnet II Feeder Fund S.C.A. SICAV- RAIF | | | | HSBC (Guernsey) Aggregator PCC Limited | | | | HSBC (Guernsey) Focus PCC Limited | | | | HSBC (Guernsey) GP PCC Limited | | | | HSBC Alternative Investments Limited | | | | HSBC ASIA LIVING REAL ESTATE GP S.À R.L. | | | | HSBC Asset Management (Fund Services UK) Limited | | | | HSBC Asset Management (India) Private Limited | | | | HSBC Asset Management (Japan) Limited | | | | HSBC Climate Growth Partners Fund SCSp | | | | HSBC Climate Growth Partners GP S.à r.l. | | | | HSBC Climate Growth Partners VC Carry L.P. | | | | HSBC Diversified Loan Fund – Master S.a.r.l. | | | | HSBC Diversified Loan Fund General Partner S.à r.l. | | | | HSBC Diversified Loan Fund SCSp-RAIF | | | | HSBC Equity Partners USA, LP | | | | HSBC European Senior Direct Lending 2023 HoldCo S.à r.l. | | | | HSBC EUROPEAN SENIOR DIRECT LENDING AIF OFS | | | | HSBC European Senior Direct Lending Fund 2023 RAIF SICAV-S.A. | | | | HSBC Financial Technology Venture Capital Fund SCSp | | | | HSBC Financial Technology Venture Capital GP S.à r.l. | | | | HSBC Fintech VC Carry L.P. | | | | | | | | HSBC Global Asset Management (Bermuda) Limited | | | | HSBC Global Asset Management (Deutschland) GmbH | | | | HSBC Global Asset Management (France) | | | | HSBC Global Asset Management (Hong Kong) Limited | | | | HSBC Global Asset Management (Malta) Limited | | | | HSBC Global Asset Management (México), S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Grupo Financiero HSBC | | | | HSBC Global Asset Management (Singapore) Limited | | | | HSBC Global Asset Management (Switzerland) AG | | | | HSBC Global Asset Management (Taiwan) Limited | | | | HSBC Global Asset Management (UK) Limited | | | | HSBC Global Asset Management (USA) Inc. | | | | HSBC Global Asset Management Holdings (Bahamas) Limited | | | | HSBC Global Asset Management Limited | | | | HSBC Global Infrastucture Debt Fund SCSp | | | | HSBC Global Transition Infrastructure Debt Fund RAIF SICAV-S.A. | | | | HSBC Infrastructure Debt GP 1 S.à r.l. | | | | HSBC Infrastructure Debt GP 2 S.à r.l. | | | | HSBC Investment Funds (Hong Kong) Limited | | | | HSBC Investment Funds (Luxembourg) SA | | | | HSBC Latin America Coinvestments Partners, LP | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | HSBC Management (Guernsey) Limited | | | | HSBC Management Consultancy (Shanghai) Company Limited | | | | HSBC Portfoy Yonetimi A.S. | | | | HSBC Private Markets GP S.à r.l. | | | | | | | | HSBC RCF Partnership Fund RAIF SICAV- S.A. | | | | | | | | | | | | HSBC SDL UK 2020 HoldCo S.à r.l | | | | HSBC SDL UK 2020 LendCo S.à r.l.B137 | | | | HSBC SDL UK II HoldCo S.à r.l. | | | | | | | | HSBC Senior UK Direct Lending 2020 RAIF SICAV-S.A. | | | | HSBC Senior UK Direct Lending Fund II RAIF SICAV-S.A. | | | | HSBC Trustees (India) Private Limited | | | | HSBC USD Senior Direct Lending Carry L.P. | | | | HSBC USD Senior Direct Lending GP S.à.r.l | | | | | | | | | | | | | | | | ICG Credit Strategies S.C.A SICAV-RAIF - ICG Mandate 2023 Direct Lending Fund | | | | ICG Credit Strategies S.C.A. SICAV-RAIF - ICG Mandate 2020 Direct Lending Fund | | | | Idinvest Growth Secondary Feeder SCA SICAV-RAIF | | | | | | | | | | | | | | | | | | | | | | | | KKR-LON Credit Strategies SCA SICAV-RAIF | | | | | | | | | | | | | | | | | | | | NAV Financing Partnership Fund Carry L.P. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | PPDP Peridot 2022 Feeder SCA SICAV-RAIF | | | | RCF Partnership Fund Carry L.P. | | | | Red Hexagon Energy Transition Asia Carry L.P. | | | | Red Hexagon Energy Transition Asia Fund SCSp | | | | Red Hexagon Energy Transition Asia GP S.à r.l. | | | | Red Hexagon ETA Master HoldCo Limited | | | | Red Hexagon ETA Tekoma Japan Limited | | | | Red Hexagon ETA Tekoma Operation Limited | | | | Red Hexagon ETA Tekoma Taiwan Limited | | | | SilkRoad Fund Management S.à.r.l | | | | | | | | | | | | | | | | | | | | Silkroad Property Partners PTE. LTD. | | | | | | | | SSOF IV Overage SMA H, L.P. | | | | Sunpower Americas Co-Invest I SCS | | | | Taiwan Nova Solar 1 Limited | | | |
| | | | | % of share class held by immediate parent company (or by the Group where this varies) | | Tekoma Energy Group Holdings Limited | | | | Tekoma Energy Holdings Limited | | | | | | | | | | | | | | | | Tekoma Korea Holdings Limited | | | | | | | | | | | | | | | | | | | | Vision Apex 2025 Carry L.P. | | | | | | | | Vision Infrastructure Carry L.P. | | | | | | | |
Joint ventures The undertakings below are joint ventures and equity accounted. | | | | | % of share class held by immediate parent company (or by the Group where this varies) | | Climate Asset Management Limited | | | | | | | | Pentagreen Capital Pte. Ltd | | | | | | | | The London Silver Market Fixing Limited | | | | | | | |
Non-Profit Foundation The undertakings below are Non-Profit Foundation. | | | | | % of share class held by immediate parent company (or by the Group where this varies) | | HSBC Philanthropy Foundation Beijing | | | |
Associates The undertakings below are associates and equity accounted. | | | | | % of share class held by immediate parent company (or by the Group where this varies) | | | | | | Bank of Communications Co., Ltd. | | | | | | | | | | | | | | | | CANARA HSBC LIFE INSURANCE COMPANY LIMITED | | | | | | | | | | | | EPS Company (Hong Kong) Limited | | | | Future Forward Holdings LLC | | | | | | | | HSBC Jintrust Fund Management Company Limited | | | | HSBC UK Covered Bonds (LM) Limited | | | | Intelligent Processing Solution Limited | | | | | | | | | | | | London Precious Metals Clearing Limited | | | | | | | | MENA Infrastructure Fund (GP) Ltd | | | | | | | |
| | | | Radiant Global Investors LLC | | | | | | | | The London Gold Market Fixing Limited | | | | Threadneedle Software Holdings Limited | | | | | | | | Trade Information Network Limited (In Liquidation) | | | | Trinkaus Europa Immobilien-Fonds Nr. 7 Frankfurt Mertonviertel KG | | | | We Trade Innovation Designated Activity Company (In Liquidation) | | | |
| | | | | Where an entity is governed by voting rights, HSBC consolidates when it holds – directly or indirectly – the necessary voting rights to pass resolutions by the governing body. In all other cases, the assessment of control is more complex and requires judgement of other factors, including having exposure to variability of returns, power to direct relevant activities, and whether power is held as an agent or principal. HSBC’s consolidation policy is described in Note 1.2(a). | | Management has determined that these undertakings are excluded from consolidation in the Group accounts as these entities do not meet the definition of subsidiaries in accordance with IFRS. HSBC’s consolidation policy is described in Note 1.2(a). | | Directly held by HSBC Holdings plc | | | | | | Redeemable Preference Shares | | | | | | | | Registered Capital Shares |
| | | | 8 Canada Square, London, United Kingdom, E14 5HQ | | 347 Paseo de la Reforma, Col. Cuauhtémoc, Mexico, 06500 | | 1 Centenary Square, Birmingham, United Kingdom, B1 1HQ | | c/o Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus, Queensway, Birmingham, United Kingdom, B4 6AT | | 5 Donegal Square South, Northern Ireland, Belfast, United Kingdom, BT1 5JP | | 1909 Avenida Presidente Juscelino Kubitschek, 19° andar, Torre Norte, São Paulo Corporate Towers, São Paulo, Brazil, 04551-903 | | Arnold House, St Julian's Avenue, St Peter Port, Guernsey, GY1 3NF | | 37 Front Street, Harbourview Centre, Ground Floor, Hamilton, Pembroke, Bermuda, HM 11 | | 1 Queen's Road Central, Hong Kong | | Units 2401-55, Floor 24, Tower 2, 1 Jianguomenwai Avenue, Chaoyang District, Beijing, China, 100020 | | First Floor, Xinhua Bookstore Xindong Road (SE of roundabout), Miyun District, Beijing, China | | Oak House Hirzel Street, St Peter Port, Guernsey, GY1 2NP | | 239 Van Rensselaer Street, Buffalo, New York, United States of America, 14210 | | c/o The Corporation Trust Company 1209 Orange Street, Wilmington, Delaware, United States of America, 19801 | | Solidere - Rue Saad Zaghloul Immeuble - 170 Marfaa, P.O. Box 17 5476 Mar Michael, Beyrouth, Lebanon, 11042040 | | No 1, Bei Huan East Road Dazu County, Chongqing, China | | No 107 Ping Du Avenue (E), Sanhe Town, Fengdu County, Chongqing, China | | No. 3, 5, 7, Haitang Erzhi Road Changyuan, Rongchang, Chongqing, China, 402460 | | c/o Walkers Corporate Services Limited, Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, KY1-9005 | | First & Second Floor No.3 Nanshan Road, Pulandian, Dalian, Liaoning, China | | 160 Mine Lake CT, Ste 200, Raleigh, North Carolina, United States of America, 27615-6417 | | Avenida de las Granjas 972, Building A, Floor 2, Colonia Santa Bárbara, Alcaldía Azcapotzalco, Mexico City, Mexico, 02230 | | 38 avenue Kléber, Paris, France, 75116 |
| | | | No. 1 1211 Yanjiang Zhong Road, Yongan, Fujian, China | | 8/F, Prince's Building, 10 Chater Road, Central, Hong Kong | | No. 44 Xin Ping Road Central, Encheng, Enping, Guangdong, China, 529400 | | Rooms 101, 201-205, 301-305, No. 2 Yong Jin Yi Street, Huangge Town, Nansha District, Guangzhou, China | | 83 Des Voeux Road Central, Hong Kong | | 34/F, 36/F and 46/F, Hang Seng Bank Tower 1000 Lujiazui Ring Road, Pilot Free Trade Zone, Shanghai, China, 200120 | | Gustav Mahlerplein 2 1082 MA, Amsterdam, Netherlands | | 1001, T2 Office Building, Qianhai Kerry Business Center, Qianhai Avenue, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen, Guangdong, China | | Unit 1 GF The Commerical Complex Madrigal Avenue, Ayala Alabang Village, Muntinlupa City, Philippines, 1780 | | C/O Teneo Financial Advisory Limited The Colmore Building, 20 Colmore Circus, Queensway, Birmingham, United Kingdom, B4 6AT | | Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands, VG1110 | | The Corporation Trust Company of Nevada 311 S. Division Street, Carson City, Nevada, United States of America, 89703 | | Level 21 Menara IQ, Lingkaran TRX, Tun Razak Exchange, Kuala Lumpur, Malaysia, 55188 | | Level 19 Menara IQ, Lingkaran TRX, Tun Razak Exchange, Kuala Lumpur, Malaysia, 55188 | | 10 Marina Boulevard #48-01 Marina Bay Financial Centre, Singapore, 018983 | | 52/60 M G Road Fort, Mumbai, India, 400 001 | | 9-11 Floors, NESCO IT Park Building No. 3 Western Express Highway, Goregaon (East), Mumbai, India, 400063 | | HSBC Building 11-1, Nihonbashi 3-chome, Chuo-ku, Tokyo, Japan, 103-0027 | | Level 36, Tower 1, International Towers Sydney, 100 Barangaroo Avenue, Sydney, New South Wales, Australia, 2000 | | Isidora Goyenechea 2800 23rd floor, Las Condes, Santiago, Chile, 7550647 | | HSBC Building Shanghai ifc, 8 Century Avenue, Pudong, Shanghai, China, 200120 | | HSBC House, Esplanade, St. Helier, Jersey, JE4 8UB | | IconEbene, Level 5 Office 1 (West Wing), Rue de L’institut, Ebene, Mauritius | | 54F, 7 Xinyi Road Sec. 5 Xinyi district, Taipei, Taiwan | | 1266 Dr Luis Bonativa 1266 Piso 30 (Torre IV WTC), Montevideo, Uruguay, CP 11.000 | | Metropolitan Building, 235 Dong Khoi, Sai Gon Ward, Ho Chi Minh City, Viet Nam | | Esentepe Mah. Büyükdere Caddesi No.128 Şişli, Istanbul, Turkiye, 34394 | | 306 Corniche El Nil Street, Maadi, Cairo, Egypt | | 116 Archbishop Street, Valletta, Malta, VLT1444 | | Unit 401, Level 4 Gate Precinct Building 2, Dubai International Financial Centre, P. O. Box 30444, Dubai, United Arab Emirates | | 1800 Tysons Boulevard Suite 50, Tysons, Virginia, United States of America, 22102 | | P.O. Box 309 Ugland House, Grand Cayman, Cayman Islands, KY1-1104 | | HSBC House, Esplanade, St. Helier, Jersey, JE1 1HS | | Room 2703, 27F, Tower A, No.8 Century Avenue, China (Shanghai) Pilot Free Trade Zone, Shanghai, China, 200120 | | 49 avenue J.F. Kennedy, Luxembourg, Luxembourg, 1855 | | 4-17/F, Office Tower 2 TaiKoo Hui Development, No. 381 Tian He Road, Guangzhou, Guangdong, China | | Suite 1005, 10th Floor, Wisma Hamzah Kwong, Hing No. 1, Leboh Ampang, Kuala Lumpur, Malaysia, 50100 | | Building C-1 UP Ayala Technohub, Commonwealth Avenue, Diliman, Quezon City, Metro Manila, Philippines | | HSBC House Plot No.8 Survey No.64 (Part), Hitec City Layout Madhapur, Hyderabad, India, 500081 | | Mireka City 324/9 Havelock Road, Colombo 05, Sri Lanka, 00500 | | Smart Village 28th Km Cairo- Alexandria Desert Road Building, Cairo, Egypt | | Centre Ville 1341 Building - 4th Floor Patriarche Howayek Street, PO Box Riad El Solh, Lebanon, 9597 |
| | | | Room 405 Odd House Number of 859-863, Huanhu West 1st Road, Lingang New Area, China (Shanghai) Pilot Free Trade Zone, Shanghai, China, 201306 | | Hansaallee 3, Düsseldorf, Germany, 40549 | | Immeuble Cœur Défense 110 esplanade du Général de Gaulle, Courbevoie, France, 92400 | | HSBC Main Building 1 Queen's Road Central, Hong Kong | | 80 Mill Street, Qormi, Malta, QRM 3101 | | 26 Gartenstrasse, Zurich, Switzerland, 8002 | | 36F., No. 68 Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City, Taiwan, 110419 | | 66 Hudson Boulevard E, New York, New York, United States of America, 10001 | | Mareva House 4 George Street, Nassau, Bahamas | | 150 King Street West, Suite 200, Toronto, Ontario, Canada, M5H 1J9 | | 4, rue Peternelchen, Howald, Grand Duchy of Luxembourg, Luxembourg, L-2370 | | Alphabeta 14-18 Finsbury Square, London, United Kingdom, EC2A 1BR | | 5th Floor, IconEbene 1 Building, Lot 441, Rue de L’Institut, Ebene, Mauritius, 1704-01 | | 18th Floor Tower 1, HSBC Centre 1 Sham Mong Road, Kowloon, Hong Kong | | CT Corporation System 28 Liberty Street, New York, New York, United States of America, 10005 | | Unit 201, Floor 2, Building 3 No. 12, Anxiang Street, Shunyi District, Beijing, Beijing, China | | 300 Delaware Avenue Suite 1401, Wilmington, Delaware, United States of America, 19801 | | Woodbourne Hall, Road Town, Tortola, British Virgin Islands, P.O. Box 916 | | Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, VG1110 | | 5/F HSBC Centre 3058 Fifth Ave West, Bonifacio Global City, Taguig City, Philippines | | 18 Boulevard de Kockelscheuer, Luxembourg, Luxembourg, 1821 | | 29/F HSBC Building 8 Century Avenue, China (Shanghai) Pilot Free Trade Zone, Shanghai, China, 200120 | | Arnold House St Julians Avenue, St Peter Port, Guernsey, GY1 1WA | | Unit 2017, Floor 20, Tower 1 No.288, Shimen 1st Road, Jing An District, Shanghai, China, 200041 | | HSBC Tower, Downtown Dubai, P O Box 66, Dubai, United Arab Emirates | | Unit 401, Level 4, Gate Precinct Building 2, Dubai International Financial Centre, P. O. Box 506553, Dubai, United Arab Emirates | | Level 16, HSBC Tower, Downtown Dubai, P.O. Box 66, Dubai, United Arab Emirates | | HSBC Tower, Level 21, 188 Quay Street, Auckland, New Zealand, 1010 | | The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville Timonium, Maryland, United States of America, 21093 | | HSBC House, Esplanade, St. Helier, Jersey, JE1 1GT | | 9-17 Quai des Bergues, Geneva, Switzerland, 1201 | | 1 Grand Canal Square Grand Canal Harbour, Dublin 2, Ireland, D02 P820 | | 5 rue Heienhaff, Senningerberg, Luxembourg, L-1736 | | 52/60 M G Road, Fort, Mumbai, India, 400 001 | | Unit 2201, 22/F, Qianhai Chow Tai Fook Finance Tower (Phase I) No. 66 Shu Niu Avenue, Nanshan Subdistrict, the Shenzhen Qianhai Shenzhen-Hong Kong Cooperation Zone, the PRC, Shenzhen, China, 518054 | | HSBC Building 7267 Olaya - Al Murrooj, Riyadh, Saudi Arabia, 12283 - 2255 | | 306 Corniche El Nil, HSBC Building, Maadi, Cairo, Egypt | | 1 Mutual Place, 107 Rivonia Road, Sandton, Gauteng, South Africa, 2196 | | Kapelanka 42A, Krakow, Poland, 30-347 | | C T Corporation System 820 Bear Tavern Road, West Trenton, New Jersey, United States of America, 08628 | | 22/F, Tower 2, Taikoo Hui Building, No. 381 Tianhe Road, Tianhe District, Guangzhou, China | | Business Bay, Wing 2 Tower B, Survey no 103, Hissa no. 2, Airport road, Yerwada, Pune, India, 411006 | | c/o Rogers Capital St. Louis Business Centre, Cnr Desroches & St Louis Streets, Port Louis, Mauritius |
| | | | No. 56 Yu Rong Street, Macheng, China, 438300 | | No. 205 Lie Shan Road Suizhou, Hubei, China | | Building 3, Yin Zuo Di Jing Wan Tianmen New City, Tianmen, Hubei Province, China | | RM101, 102 & 106 Sunshine Fairview, Sunshine Garden, Pedestrian Walkway, Pingjiang, China | | Kings Meadow Chester Business Park, Chester, United Kingdom, CH99 9FB | | Level 15 HSBC Tower, Downtown Dubai, Dubai, United Arab Emirates, PO Box 66 | | World Trade Center 3, 9th Floor, Jalan Jendral Sudirman Kaveling 29-31, Karet, Setiabudi, South Jakarta, DKI Jakarta, Indonesia, 12920 | | 5th Floor, World Trade Center 1, Jl. Jend. Sudirman Kav. 29-31, Jakarta, Indonesia, 12920 | | No.198-2 Chengshan Avenue (E), Rongcheng, China, 264300 | | Room 601, 6/F Phase 1 Qianhai Chow Tai Fook Finance Tower, 66 Shuniu Avenue, Nanshan Community, Qianhai Shenzhen-Hong Kong Corporation Zone, Shenzhen, Guangdong, China | | Woodbourne Hall, Road Town, Tortola, British Virgin Islands, P.O. Box 3162 | | 1A Heienhaff, Senningerberg, Luxembourg, 1736 | | P.O. Box 3119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, Cayman Islands, KY1 – 1205 | | 17 Boulevard F.W Raiffeisen, Luxembourg, 2411 | | 10 Collyer Quay, #10-01 Ocean Financial Centre, Singapore, Singapore, 049315 | | RM 2112, HSBC Building, Shanghai ifc No. 8 Century Road, Pudong, Shanghai, China, 200120 | | 43 Whitfield Street, London, United Kingdom, W1T 4HD | | 35 Ballards Lane, London, United Kingdom, N3 1XW | | 38 Beach Road #19-11 South Beach Tower, Singapore, Singapore, 189767 | | c/o Mayfair Corporate Services Ltd., 26 Burnaby Street, Hamilton, Bermuda, HM11 | | 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX | | All Saints Triangle Caledonian Road, London, United Kingdom, N19UT | | 188 Yin Cheng Zhong Lu (Shanghai) Pilot Free Trade Zone, China | | 50/F Lee Garden One, 33 Hysan Avenue, Hong Kong | | 13-15 York Buildings, London, United Kingdom, WC2N 6JU | | 167-169 Great Portland Street, 5th Floor, London, United Kingdom, W1W 5PF | | 8th Floor Unit No. 808-814, Ambadeep Building, Plot No. 14, Kasturba Gandhi Marg, New Delhi, India, 110001 | | c/o Interpath Ltd, 10 Fleet Place, London, United Kingdom, EC4M 7RB | | ICS Corporate Services (Cayman) Limited, 3-212 Governors Square 23 Lime Tree Bay Avenue, P.O. Box 30746, Seven Mile Beach, Grand Cayman, Cayman Islands, KY1-1203 | | 251 Little Falls Drive, New Castle, Wilmington, United States of America, 19808 | | 9 rue du Laboratoire, Grand Duchy of Luxembourg, Luxembourg, L-1911 | | 17F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong, Shanghai, China | | 10th Floor 5 Churchill Place, London, United Kingdom, E14 5HU | | 121 HaHashmonaim St., Tel Aviv, Israel, 6713328 | | 111 Town Square Place, Suite 840, Jersey City, New Jersey, United States of America, 07310 | | 7th Floor, 62 Threadneedle Street, London, United Kingdom, EC2R 8HP | | 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore, 098632 | | Unit 306,307, 308, Gate Village Building 05, Dubai International Financial Centre, Dubai, United Arab Emirates | | c/o Company Secretarial Department, 280 Bishopsgate, London, United Kingdom, EC2M 4AG | | 4482 Deer Ridge Road, Danville, CA, Delaware, United States of America, 94506 | | 7383 King Fahad Branch Rd, 2338 - Al Yasmeen Dist., Riyadh, Saudi Arabia, 13325 | | 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN | | 45 Gresham Street, C/O Restructuring & Recovery Services (RRS) S&W Partners LLP, London, United Kingdom, EC2V 7BG | | 10 Earlsfort Terrace, Dublin, Ireland, D02 T380 |
| | | | Meeting Room 18.R005, 18/F Fortune Financial Center No. 5 Dongsanhuan Zhong Road, Chaoyang District, Beijing, China, 100020 | | 20, rue de la Poste, L-2346, Luxembourg, Grand Duchy of Luxembourg | | 3, rue Jean Piret, L-2350 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg: B253299 | | 9F, Unit B, Seowang Building, 14-8 Teheran-ro 70-gil, Gangnam-gu, Seoul, South Korea (Walk Forest LS8) | | 6190-2 Fukushima, Kisomachi, Kiso-gun, Nagano 397-0001 Japan | | 2-1-4, Tsukiji, Chuo-ku, Tokyo 104-0045 JAPAN | | 89 Nexus Way, Camana Bay, George Town, Grand Cayman, KY1-1205, Cayman Islands | | 11F, No. 122, Songjiang Rd, Zhongshan Dist., Taipei City | | 10F., No. 156, Sec. 3, Minsheng E. Rd., Songshan Dist., Taipei City | | 3F and 8F, 136, Sejong-daero, Jung-gu, Seoul | | 800 North State Street, Suite 304, Dover, Delaware, United States of America, DE 19901 |
| | | | Enigma, Wavendon Business Park, England, United Kingdom, MK17 8LX | | 11-13, Boulevard de la Foire, L-1528 Luxembourg | | 2nd Floor, Sir Walter Raleigh House, 48-50 Esplanade, St. Helier, Jersey JE2 3QB | | 375 Park Avenue New York, NY 10152 | | 4th Floor, Ensign House, 29 Seaton Place, St Helier, Jersey JE2 3QL | | 3rd Floor, 37 Esplanade, St. Helier JE1 1AD, Jersey | | 15, Boulevard F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg | | 60, Avenue J.F. Kennedy, L-1855 Luxembourg | | 5, Allée Scheffer, L 2520 Luxembourg, Grand Duchy of Luxembourg | | 2, rue Edward Steichen, Luxembourg, L-2540, Luxembourg | | 450, Lexington Avenue, 31st Floor, New York 10017 | | 26A, Boulevard Royal L-2449 Luxembourg | | Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands | | 405 Lexington Avenue, 53rd Floor, New York, New York 10174, USA |
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