Jiangsu Hengrui Medicine Earnings Seen Weighed by Costs, Lower Sales — Market Talk

29 October 2025

HSBC HOLDINGS PLC

PUBLICATION OF BASE PROSPECTUS SUPPLEMENT

The following base prospectus supplement has been approved by the Financial Conduct Authority and is available for viewing:

Base Prospectus Supplement dated 29 October 2025 to the Base Prospectus dated 28 March 2025 and the supplements thereto dated 30 April 2025 and 31 July 2025.

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http://www.hsbc.com/investors/fixed-income-investors/issuance-programmes

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https://data.fca.org.uk/#/nsm/nationalstoragemechanism

Investor enquiries to:

Greg Case                    +44 (0) 20 7992 3825                 investorrelations@hsbc.com

Media enquiries to:

Press Office                 +44 (0) 20 7991 8096                 pressoffice@hsbc.com

Note to editors:

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,234bn at 30 September 2025, HSBC is one of the world's largest banking and financial services organisations.

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THE BASE PROSPECTUS SUPPLEMENT MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THE BASE PROSPECTUS SUPPLEMENT MAY ONLY BE DISTRIBUTED OUTSIDE THE UNITED STATES TO PERSONS THAT ARE NOT U.S. PERSONS AS DEFINED IN, AND IN RELIANCE ON, REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT') OR WITHIN THE UNITED STATES TO QIBs (AS DEFINED BELOW) IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT ('RULE 144A'). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE BASE PROSPECTUS SUPPLEMENT IN WHOLE OR IN PART IS PROHIBITED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.

NOTHING IN THIS ELECTRONIC PUBLICATION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. ANY NOTES ISSUED OR TO BE ISSUED PURSUANT TO THE BASE PROSPECTUS RELATING TO THE HSBC HOLDINGS PLC DEBT ISSUANCE PROGRAMME (THE 'BASE PROSPECTUS') AND THE BASE PROSPECTUS SUPPLEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. ANY NOTES ISSUED OR TO BE ISSUED PURSUANT TO THE BASE PROSPECTUS AND THE BASE PROSPECTUS SUPPLEMENT MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT TO PERSONS REASONABLY BELIEVED TO BE QUALIFIED INSTITUTIONAL BUYERS (EACH A 'QIB') WITHIN THE MEANING OF RULE 144A OR (2) IN AN OFFSHORE TRANSACTION TO A PERSON THAT IS NOT A U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.

Please note that the information contained in the Base Prospectus Supplement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Base Prospectus is not addressed. Prior to relying on the information contained in the Base Prospectus and the Base Prospectus Supplement you must ascertain from the Base Prospectus whether or not you are part of the intended addressees of the information contained therein.

Confirmation of your Representation: In order to be eligible to view the Base Prospectus Supplement or make an investment decision with respect to any Notes issued or to be issued pursuant to the Base Prospectus and the Base Prospectus Supplement, you must be (i) a person other than a U.S. person (as defined in Regulation S under the Securities Act); or (ii) a QIB that is acquiring the securities for its own account or for the account of another QIB. By accessing the Base Prospectus Supplement, you shall be deemed to have represented that you and any customers you represent are not a U.S. person  or that you are a QIB, and that you consent to delivery of the Base Prospectus Supplement and any supplements thereto via electronic publication.

You are reminded that the Base Prospectus Supplement has been made available to you on the basis that you are a person into whose possession the Base Prospectus Supplement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Base Prospectus Supplement to any other person.

The Base Prospectus Supplement does not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the underwriters or any affiliate of the underwriters is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters or such affiliate on behalf of HSBC Holdings plc in such jurisdiction. Under no circumstances shall the Base Prospectus Supplement constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of any Notes issued or to be issued pursuant to the Base Prospectus and the Base Prospectus Supplement, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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ends/all

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ING to appoint Ida Lerner as chief financial officer

ING announced today that Ida Lerner will be appointed chief financial officer of ING. Until recently, Ida served as chief financial officer at Norwegian bank DNB. She will succeed Tanate Phutrakul who will step down from his position at ING's Annual General Meeting in April 2026 as announced in July 2025.

Effective 1 April 2026, Ida will be appointed as member of the Management Board Banking. The Supervisory Board will propose to shareholders to appoint her as member of the Executive Board and chief financial officer of ING Group at the Annual General Meeting in April 2026.

Ida (Swedish/Norwegian) was DNB's CFO since 2021. She joined the bank in 2007. Before taking the position as CFO, she served as head of DNB CEMEA in London, chief of Customer Analysis in Northern Europe, the Middle East, and Africa and group executive vice president Risk Management. Prior to joining DNB, she worked in various roles at HSBC and Nordea. Ida Lerner holds a Bachelor in Social Sciences with an emphasis on economics from the University of Stockholm.

Steven van Rijswijk, CEO of ING, commented: "We are delighted to welcome Ida to ING's executive team. Her experience as CFO at a large, listed bank will be instrumental as we continue to execute our strategy and strengthen our position as a digital and sustainable bank. Ida's deep knowledge of European banking will be a great addition to ING, and I look forward to working together to accelerate our strategic ambitions."

Ida Lerner said: "I'm honoured to be joining ING at a time of growth, and with a clear ambition to become the best European bank. ING's commitment to innovation, sustainability and customer empowerment aligns strongly with my values. Together with the Management Board Banking and our global teams, I'm excited to help steer ING's financial strategy and support its purpose of empowering people to stay a step ahead in life and in business."

The appointment of Ida Lerner has been approved by the European Central Bank.

Note for editors

A short interview with Ida Lerner is available at ing.com.

For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

 
Press enquiries       Investor enquiries 
Peter Gurney          ING Group Investor Relations 
+31 20 576 5000       +31 20 576 6396 
Peter.Gurney@ing.com  Investor.Relations@ing.com 
 

ING PROFILE

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics' view, ING's management of ESG material risk is 'Strong' with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that's not. Follow our progress on ing.com/climate.

IMPORTANT LEGAL INFORMATION

Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 ('Market Abuse Regulation').

ING Group's annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS- EU'). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to di er materially from those expressed or implied in such statements. Actual results, performance or events may di er materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING's core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in 'benchmark' indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING's ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the e ects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING's more recent disclosures, including press releases, which are available on www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING's ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission ('SEC') reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are "green" or "sustainable." Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING's control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an o er to sell, or a solicitation of an o er to purchase, any securities in the United States or any other jurisdiction.

Attachment

• PDF version of press release

HSBC HOLDINGS PLC

28 October 2025

Notification of a Transaction by a Person Discharging Managerial Responsibilities

On 27 October 2025, Ian Stuart acquired 16 ordinary shares of US$0.50 each (the "Shares") in HSBC Holdings plc (the "Company"). The Shares were acquired under the Company's UK Share Incentive Plan ("SIP") at £9.94564 per Share.

The following disclosure is made in accordance with the UK version of the EU Market Abuse Regulation 596/2014.

For any queries related to this notification, please contact:

Lee Davis

Corporate Governance & Secretariat

shareholderquestions@hsbc.com

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28th October 2025

Unilever Capital Corporation 

Pre Stabilisation Notice

HSBC (contact: syndexecution@noexternalmail.hsbc.com) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities

In connection with the offer of the above securities, the Stabilisation Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilisation Manager(s) will take any stabilisation action and any stabilisation action, if begun, may be ended at any time. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Regulation (EU) 2017/1129 (the "Prospectus Regulation") (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

[1] Please note that the existence and the maximum size of any greenshoe option, the exercise period of the greenshoe option and any conditions for exercise of the greenshoe option must also be disclosed, if such option exists. In addition, the exercise of the greenshoe option must be disclosed to the public promptly, together with all appropriate details, including in particular the date of exercise and the number and nature of securities involved 

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                                Close      Prior     Change   % Change 
                                -----      -----     ------   -------- 
 Aluminum Corp China             9.19       9.19       unch       unch 
 Bank of China                   4.44       4.42      +0.02      +0.45 
 Bank of Communications          6.95       6.93      +0.02      +0.29 
 Bank of East Asia              13.26      13.43      -0.17      -1.27 
 BOC Hong Kong (Holdings)       38.48      37.98      +0.50      +1.32 
 Cafe de Coral Holdings          6.27       6.38      -0.11      -1.72 
 Cathay Pacific Airways         11.26      11.05      +0.21      +1.90 
 China Coal Energy              10.98      11.10      -0.12      -1.08 
 China Construction Bank         7.90       7.88      +0.02      +0.25 
 China Life Insurance           25.04      25.22      -0.18      -0.71 
 China Merchants Port           15.22      15.34      -0.12      -0.78 
 China Mobile                   85.55      85.20      +0.35      +0.41 
 China Overseas Land & Inv      13.69      13.72      -0.03      -0.22 
 China Petro & Chem              4.22       4.23      -0.01      -0.24 
 China Rscs Beer Holdings       27.16      27.50      -0.34      -1.24 
 China Resources Land           29.04      29.24      -0.20      -0.68 
 China Resources Power          18.26      18.51      -0.25      -1.35 
 China Shenhua Energy           41.88      41.90      -0.02      -0.05 
 China Unicom (Hong Kong)        9.16       9.28      -0.12      -1.29 
 CITIC                          11.98      11.94      +0.04      +0.34 
 CK Hutchison Holdings          52.35      51.85      +0.50      +0.96 
 CLP Holdings                   66.25      65.90      +0.35      +0.53 
 CNOOC                          19.95      20.06      -0.11      -0.55 
 COSCO SHIPPING Ports            5.89       5.91      -0.02      -0.34 
 Esprit Holdings                 1.27       1.30      -0.03      -2.31 
 FIH Mobile                     19.28      19.39      -0.11      -0.57 
 Hang Lung Properties            8.92       8.90      +0.02      +0.22 
 Hang Seng Bank                151.90     151.70      +0.20      +0.13 
 Henderson Land Devt            28.22      28.26      -0.04      -0.14 
 Hong Kong & China Gas           7.32       7.26      +0.06      +0.83 
 HK Exchanges & Clearing       432.40     434.20      -1.80      -0.41 
 Hong Kong Tech Venture          1.45       1.45       unch       unch 
 HSBC Holdings                 106.50     102.00      +4.50      +4.41 
 i-CABLE Communications          0.11       0.11      +0.00      +0.95 
 Indl & Cmcl Bk of China         6.06       6.08      -0.02      -0.33 
 Manulife Financial            254.00     253.20      +0.80      +0.32 
 Mongolia Energy                 0.75       0.79      -0.04      -5.06 
 MTR                            27.88      27.58      +0.30      +1.09 
 New World Development           7.57       7.70      -0.13      -1.69 
 PetroChina                      8.00       7.99      +0.01      +0.13 
 Ping An Ins of China           56.15      56.00      +0.15      +0.27 
 Power Assets Holdings          50.20      49.84      +0.36      +0.72 
 Sino Land                       9.90       9.86      +0.04      +0.41 
 SINOPEC Shanghai Pet            1.33       1.36      -0.03      -2.21 
 Sun Hung Kai Properties        95.80      95.10      +0.70      +0.74 
 Swire Pacific A                65.10      65.35      -0.25      -0.38 
 Tencent Holdings              645.00     656.00     -11.00      -1.68 
 Tsingtao Brewery               52.85      54.20      -1.35      -2.49 
 VTech Holdings                 64.20      64.00      +0.20      +0.31 
 Wharf (Holdings)               20.58      20.52      +0.06      +0.29 
 
Prices in HK$ 
Source: FactSet 

By Kosaku Narioka

Standard Chartered is scheduled to report third-quarter results on Thursday. Here's what you need to know:

NET PROFIT FORECAST: Standard Chartered's net profit is estimated to have fallen 14% from a year earlier to $802.2 million for the three months ended Sept. 30, according to a poll of analysts by Visible Alpha. That is down from net profit of $931 million in the year-earlier period.

The bank's Hong Kong-listed stock has risen 54% year to date through Monday, driven by easing U.S.-China trade tensions and share buybacks.

WHAT TO WATCH:

• Second-quarter net interest income--the difference between interest earned on loans and that paid on deposits--fell 8.7% to $1.46 billion. Investors will be focusing on the key source of earnings as central banks have lowered rates in many of its main markets. Rival HSBC on Tuesday upgraded its annual guidance for net interest income, reflecting its near-term outlook for policy rates in key markets, including in Hong Kong and the U.K.
• Standard Chartered booked credit impairments of $119 million in the second quarter, compared with $75 million in the year-earlier period. Investors will be closely watching credit costs as economic uncertainty persists in many parts of the world.
• The bank said in July that it would start a $1.3 billion share buyback and that it was well on its way to achieving the target of returning at least $8 billion to shareholders, including dividends, over the three years ending 2026. Investors will be paying attention to any updates on buybacks or dividends.

Write to Kosaku Narioka at kosaku.narioka@wsj.com