[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_97":98},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","dathx9ovrob160owd9xqq11hy","revision",2,"title","汇丰美国发行挂钩Salesforce、Shopify和Amazon.com的自动赎回收益票据","originalTitle","HSBC USA INC /MD/ (0000083246) (Filer)","summary","汇丰美国发行每份本金1,000美元、年票息率13.30%的自动赎回收益票据，挂钩Salesforce、Shopify和Amazon.com，未提前赎回时于2029年10月9日到期。","reason","source",{"_11":87,"_88":89,"_90":91,"_92":57,"_93":94,"_95":96},"links",{"_84":85,"_63":86},"publishedAt","2026-10-05T16:03:21.000Z","discoveredAt","2026-10-05T16:29:42.930Z","timelineAt","category","ai-products","tags",[81,82,83],"stockSymbols",[80],"score",39,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","f6LmhZeRyrsI",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","13259f16-bc4e-4bca-ba90-88ae3146461e","HSBC发行挂钩三只股票的自动赎回票据",{"_72":73,"_15":74},"zh","\n \n \n

Filed Pursuant to Rule 424(b)(2)

Registration No. 333-277211

October 1, 2026

PRICING SUPPLEMENT

(To Prospectus dated February 21, 2024,

Prospectus Supplement dated February 21, 2024 and

Stock Linked Underlying Supplement dated February\n 21, 2024)

$\"\"$

Linked to the Least Performing of the Equity Securities of Salesforce, Inc., Shopify\nInc. and Amazon.com, Inc.

►

Monthly Coupon payments at a rate of 1.1083% (equivalent to 13.30% per annum)

►

Callable monthly at the principal amount plus the applicable Coupon on any Call Observation Date on or after April 6, 2027 if the\nOfficial Closing Price of each Underlying is at or above its Call Threshold

►

If the Notes are not called and the Least Performing Underlying declines by more than 50.00%, you will receive shares of the Least\nPerforming Underlying, and in such case, there will be full exposure to declines in the Least Performing Underlying, and you will lose\nall or a portion of your principal amount.

►

Due October 9, 2029, if not called.

►

All payments on the Notes are subject to the credit risk of HSBC USA Inc.

The Autocallable Yield Notes (each a “Note” and collectively\nthe “Notes”) offered hereunder will not be listed on any securities exchange or automated quotation system.

Neither the U.S. Securities and Exchange Commission (the “SEC”)\nnor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this document,\nthe accompanying prospectus, prospectus supplement or Stock-Linked Underlying Supplement. Any representation to the contrary is a criminal\noffense.

We have appointed HSBC Securities (USA) Inc., an affiliate of ours,\nas the agent for the sale of the Notes. HSBC Securities (USA) Inc. will purchase the Notes from us for distribution to other registered\nbroker-dealers or will offer the Notes directly to investors. In addition, HSBC Securities (USA) Inc. or another of its affiliates or\nagents may use this pricing supplement in market-making transactions in any Notes after their initial sale. Unless we or our agent inform\nyou otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction. See “Supplemental\nPlan of Distribution (Conflicts of Interest)” on page PS-16 of this document.

Investment in the Notes involves certain risks. You should refer\nto “Risk Factors” beginning on page PS-8 of this document, page S-1 of the accompanying prospectus supplement and page S-1\nof the accompanying Stock-Linked Underlying Supplement.

The Estimated Initial Value of the Notes on the Trade Date is $961.10\nper Note, which is less than the price to public. The market value of the Notes at any time will reflect many factors and cannot be predicted\nwith accuracy. See “Estimated Initial Value” on page PS-4 and “Risk Factors” beginning on page PS-8 of this document\nfor additional information.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Price to Public	Underwriting Discount¹	Proceeds to Issuer
Per Note	$1,000.00	$25.00	$975.00
Total	$500,000.00	$12,500.00	$487,500.00

¹HSBC\nUSA Inc. or one of our affiliates may pay varying underwriting discounts of up to 2.50% per $1,000 Principal Amount in connection with\nthe distribution of the Notes to other registered broker-dealers. See “Supplemental Plan of Distribution (Conflicts of Interest)”\non page PS-16 of this document.

The Notes:

\n \n \n \n \n

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

$\"\"$

\n \n \n \n

HSBC USA Inc.

Autocallable Yield Notes

$\"\"$

This\ndocument relates to a single offering of Autocallable Yield Notes. The Notes will have the terms described in this document and\nthe accompanying prospectus, prospectus supplement, and Stock-Linked Underlying Supplement. If the terms of the Notes offered hereby are\ninconsistent with those described in the accompanying prospectus, prospectus supplement, or Stock-Linked Underlying Supplement, the terms\ndescribed in this document shall control.

This document relates to an offering\nof Notes linked to the performance of the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC\nUSA Inc. linked to the Reference Asset as described below. The following key terms relate to the offering of the Notes:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Issuer:	HSBC USA Inc.
Principal Amount:	$1,000 per Note
Reference Asset:	The common stock of Salesforce, Inc. (Ticker: CRM), the Class A Subordinate Voting Shares of Shopify Inc. (Ticker: SHOP), and the common stock of Amazon.com, Inc. (Ticker: AMZN) (each a “Company” or an “Underlying” and together the “Underlyings”)
Trade Date:	October 1, 2026
Pricing Date:	October 1, 2026
Original Issue Date:	October 6, 2026
Final Valuation Date:	October 4, 2029, subject to adjustment as described under “Additional Terms of the Notes―Valuation Dates” in the accompanying Stock-Linked Underlying Supplement.
Maturity Date:	October 9, 2029. The Maturity Date is subject to adjustment as described under “Additional Terms of the Notes―Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Stock-Linked Underlying Supplement.
Call Feature:	If the Official Closing Price of each Underlying is at or above its Call Threshold on any Call Observation Date, the Notes will be automatically called, and you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the applicable Coupon on the corresponding Call Payment Date.
Payment at Maturity:	Unless the Notes are automatically called , on the Maturity Date, for each $1,000 Principal Amount, we will pay you the Final Settlement Value.
Final Settlement Value:	\n Unless the Notes are automatically called , for each $1,000 Principal\n Amount, you will receive a cash payment on the Maturity Date, calculated as follows: \n \n n\n If the Reference Return of the Least Performing Underlying is greater than\n or equal to -50.00%: \n \n $1,000 + final Coupon. \n \n n\n If the Reference Return of the Least Performing Underlying is less than -50.00%: \n \n The Physical Delivery Amount in shares of the Least Performing Underlying\n + final Coupon. \n \n If the Notes are not called and\nthe Final Value of the Least Performing Underlying is less than its Barrier Value, you will receive the Physical Delivery Amount, will\nnot receive the final Contingent Coupon, and will lose up to 100% of the Principal Amount. Even with the Coupons, your return on the\nNotes may be negative in this case.
Physical Delivery Amount:	A number of shares of the Least Performing Underlying calculated by dividing the Principal Amount by its Initial Value. Fractional share amounts will be paid in cash and determined by multiplying the number of fractional shares by the Final Value of the Least Performing Underlying.
Least Performing Underlying:	The Underlying with the lowest Reference Return.

PS-2

\n \n \n \n

Reference Return:

With respect to each Underlying, the quotient, expressed as a\npercentage, calculated as follows:

Final Value – Initial Value

Initial Value

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Call Observation Dates, Call Payment Dates, Coupon Payment Dates and Call Thresholds:		Call Observation Dates	Call Payment Dates	Coupon Payment Dates	Call Thresholds
			November 9, 2026	N/A
			December 9, 2026	N/A
			January 11, 2027	N/A
			February 9, 2027	N/A
			March 9, 2027	N/A
	April 6, 2027	April 9, 2027	April 9, 2027	95.00%
	May 5, 2027	May 10, 2027	May 10, 2027	95.00%
	June 4, 2027	June 9, 2027	June 9, 2027	95.00%
	July 6, 2027	July 9, 2027	July 9, 2027	95.00%
	August 4, 2027	August 9, 2027	August 9, 2027	95.00%
	September 3, 2027	September 9, 2027	September 9, 2027	95.00%
	October 6, 2027	October 12, 2027	October 12, 2027	95.00%
	November 4, 2027	November 9, 2027	November 9, 2027	95.00%
	December 6, 2027	December 9, 2027	December 9, 2027	95.00%
	January 5, 2028	January 10, 2028	January 10, 2028	95.00%
	February 4, 2028	February 9, 2028	February 9, 2028	95.00%
	March 6, 2028	March 9, 2028	March 9, 2028	95.00%
	April 5, 2028	April 10, 2028	April 10, 2028	95.00%
	May 4, 2028	May 9, 2028	May 9, 2028	95.00%
	June 6, 2028	June 9, 2028	June 9, 2028	95.00%
	July 5, 2028	July 10, 2028	July 10, 2028	95.00%
	August 4, 2028	August 9, 2028	August 9, 2028	95.00%
	September 6, 2028	September 11, 2028	September 11, 2028	95.00%
	October 4, 2028	October 10, 2028	October 10, 2028	95.00%
	November 6, 2028	November 9, 2028	November 9, 2028	95.00%
	December 6, 2028	December 11, 2028	December 11, 2028	95.00%
	January 4, 2029	January 9, 2029	January 9, 2029	95.00%
	February 6, 2029	February 9, 2029	February 9, 2029	95.00%
	March 6, 2029	March 9, 2029	March 9, 2029	95.00%
	April 4, 2029	April 9, 2029	April 9, 2029	95.00%
	May 4, 2029	May 9, 2029	May 9, 2029	95.00%
	June 6, 2029	June 11, 2029	June 11, 2029	95.00%
	July 3, 2029	July 9, 2029	July 9, 2029	95.00%
	August 6, 2029	August 9, 2029	August 9, 2029	95.00%
	September 5, 2029	September 10, 2029	September 10, 2029	95.00%
	October 4, 2029	October 9, 2029	October 9, 2029	95.00%
	(the Final Valuation Date)	(the Maturity Date)	(the Maturity Date)
Each subject to postponement as described under “Additional Terms of the Notes—Valuation Dates” and “Additional Terms of the Notes—Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying Stock-Linked Underlying Supplement.
Coupon Rate:	1.1083% per month (equivalent to 13.30% per annum)
Initial Value:	$236.69 with respect to CRM, $149.09 with respect to SHOP, and $248.23 with respect to AMZN, each of which was its Official Closing Price on the Pricing Date.
Final Value:	With respect to each Underlying, its Official Closing Price on the Final Valuation Date.
Barrier Value:	$118.345 with respect to CRM, $74.545 with respect to SHOP, and $124.115 with respect to AMZN, each of which is 50.00% of its Initial Value.
CUSIP/ISIN:	40428H5U2 / US40428H5U26
Form of Notes:	Book-Entry
Listing:	The Notes will not be listed on any securities exchange or quotation system.

PS-3

\n \n \n \n

Estimated Initial Value:

The Estimated Initial Value of the Notes is less than the price you pay to purchase the Notes. 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. See “Risk Factors — The Estimated Initial Value of the Notes, which was determined by us on the Trade Date, is less than the price to public and may differ from the market value of the Notes in the secondary market, if any.”

PS-4

GENERAL

This document relates to an offering of Notes\nlinked to the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC USA Inc. Although the offering\nof Notes relates to the Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring an investment\nlinked to any Underlying or as to the suitability of an investment in the Notes.

You\nshould read this document together with the prospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024 and\nthe Stock-Linked Underlying Supplement dated February 21, 2024. If the terms of the Notes offered hereby are inconsistent with\nthose described in the accompanying prospectus, prospectus supplement or Stock-Linked Underlying Supplement, the terms described in this\ndocument shall control. You should carefully consider, among other things, the matters set forth in “Risk Factors” beginning\non page PS-8 of this document, page S-1 of the prospectus supplement and page S-1 of the Stock-Linked Underlying Supplement, as the Notes\ninvolve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other\nadvisors before you invest in the Notes. As used herein, references to the “Issuer”, “HSBC”, “we”,\n“us” and “our” are to HSBC USA Inc.

HSBC\nhas filed a registration statement (including a prospectus, prospectus supplement and Stock-Linked Underlying Supplement) with\nthe SEC for the offering to which this document relates. Before you invest, you should read the prospectus, prospectus supplement and\nStock-Linked Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information\nabout HSBC and this offering. You may get these documents for free by visiting EDGAR on the SEC’s web site at www.sec.gov. Alternatively,\nHSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement\nand Stock-Linked Underlying Supplement if you request them by calling (212) 525-8010.

You may also obtain:

The\n Stock-Linked Underlying Supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025892/tm244959d5_424b2.htm

The\n prospectus supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm

The\n prospectus at: https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm

PS-5

PAYMENT ON THE NOTES

Call Feature

If\nthe Official Closing Price of each Underlying is at or above its Call Threshold on any Call Observation Date the Notes will be automatically\ncalled, and you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the applicable Coupon on\nthe corresponding Call Payment Date. See page PS-3 for “Call Observation Dates, Call Payment Dates, Coupon Payment Dates\nand Call Thresholds.”

Coupon

Unless the Notes are automatically called, we\nwill pay a monthly Coupon payment on each Coupon Payment Date. For information regarding the record dates applicable to the Coupons payable\non the Notes, please see the section entitled “Description of Notes—Interest and Principal Payments—Recipients of Interest\nPayments” beginning on page S-17 in the accompanying prospectus supplement. The Coupon Rate is 13.30% per annum (or $11.083 per\n$1,000 Principal Amount per month).

Payment at Maturity

Unless the Notes are automatically called , on\nthe Maturity Date and for each $1,000 Principal Amount, you will receive a cash payment equal to the Final Settlement Value determined\nas follows:

n\nIf the Reference Return of the Least Performing Underlying is greater than or equal to -50.00%:

$1,000 + final Coupon

n\nIf the Reference Return of the Least Performing Underlying is less than -50.00%:

The Physical Delivery Amount in shares\nof the Least Performing Underlying+ final Coupon.

If the Notes are not called and the Final Value of the Least Performing\nUnderlying is less than its Barrier Value, you will receive the Physical Delivery Amount, will not receive the final Contingent Coupon,\nand will lose up to 100% of the Principal Amount. Even with the Coupons received over the term of the Notes, your return on the Notes\nmay be negative in this case.

Calculation Agent

We or one of our affiliates will act as calculation\nagent with respect to the Notes.

PS-6

INVESTOR SUITABILITY

The Notes may be suitable for you if:

You believe that the Final Value of the Least Performing Underlying will\nbe at or above its Barrier Value.

You seek a fixed monthly Coupon, that will be paid at the Coupon Rate\nof 13.30% per annum to be paid on each Coupon Payment Date, unless the Notes are called.

You are willing to invest in the Notes based on the fact that your maximum\npotential return is limited to the Coupons payable on the Notes.

You do not seek an investment that provides an opportunity to participate\nin the appreciation of the Underlyings.

You are willing to make an investment that is exposed to the potential\ndownside performance of the Least Performing Underlying on a 1-to-1 basis, and receive shares of the Least Performing Underlying, if the\nNotes are not called and the Reference Return of the Least Performing Underlying is less than -50.00%.

You are willing to lose up to 100% of the Principal Amount.

You are willing to hold the Notes which will be automatically called on\nany Call Observation Date on which the Official Closing Price of each Underlying is at or above its Call Threshold, or you are otherwise\nwilling to hold the Notes to maturity.

You are willing to forgo the dividends or other distributions paid on the the Underlyings during the term\nof the Notes.

You do not seek an investment for which there will be an active secondary\nmarket.

You are willing to accept the risk and return profile of the Notes versus\na conventional debt security with a comparable maturity issued by HSBC or another issuer with a similar credit rating.

You are comfortable with the creditworthiness of HSBC, as Issuer of the\nNotes.

The Notes may not be suitable for you if:

You believe that the Final Value of the Least Performing Underlying will\nbe below its Barrier Value.

You believe that the Coupon will not provide you with your desired return.

You are unwilling to invest in the Notes based on the fact that your maximum\npotential return is limited to the Coupons payable on the Notes.

You seek an investment that provides an opportunity to participate in\nthe appreciation of the Underlyings.

You are unwilling to make an investment that is exposed to the potential downside performance of the Least\nPerforming Underlying on a 1-to-1 basis, and receive shares of the Least Performing Underlying, if the Notes are not called and the Reference\nReturn of the Least Performing Underlying is less than -50.00%.

You seek an investment that provides full return of principal at maturity.

You are unable or unwilling to hold Notes that will be automatically called\non any Call Observation Date on which the Official Closing Price of each Underlying is at or above its Call Threshold, or you are otherwise\nunable or unwilling to hold the Notes to maturity.

You prefer to receive the dividends or other distributions paid on the Underlyings during the term of\nthe Notes.

You seek an investment for which there will be an active secondary market.

You prefer the lower risk, and therefore accept the potentially lower\nreturns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with a similar credit rating.

You are not willing or are unable to assume the credit risk associated\nwith HSBC, as Issuer of the Notes.

PS-7

RISK FACTORS

We\nurge you to read the section “Risk Factors” beginning on page S-1 of the accompanying prospectus supplement and page S-1 of\nthe accompanying Stock-Linked Underlying Supplement. You should understand the risks of investing in the Notes and should reach an investment\ndecision only after careful consideration, with your advisors, of the suitability of the Notes in light of your particular financial circumstances\nand the information set forth in this document and the accompanying prospectus, prospectus supplement and Stock-Linked Underlying Supplement.\nIn addition to the risks discussed below, you should review “Risk Factors” in the accompanying prospectus supplement\nand Stock-Linked Underlying Supplement including the explanation of risks relating to the Notes described in the following sections:

\n\n\n

4	“—Risks Relating to All Note Issuances” in the prospectus\nsupplement; and

“—General Risks Related to Reference Stocks” in the\nStock-Linked Underlying Supplement.

You will be subject to significant risks not associated\nwith conventional fixed-rate or floating-rate debt securities.

Risks Relating to the Structure or Features\nof the Notes

The Notes do not guarantee any return of principal\nand you may lose all of your Principal Amount.

The\nNotes do not guarantee any return of principal. The Notes differ from ordinary debt securities in that we will not pay you 100% of the\nPrincipal Amount of your Notes if the Notes are not called and the Final Value of the Least Performing Underlying is less than its Barrier\nValue. In this case, we will pay you in shares of the Least Performing Underlying, and the Physical\nDelivery Amount you will be entitled to receive will be less than the Principal Amount and you will lose 1% for each 1% that the Reference\nReturn of the Least Performing Underlying is less than 0.00%. You may lose up to 100% of your investment at maturity. Even with\nthe Coupons received over the term of the Notes, your return on the Notes may be negative in this case.

If the Physical Delivery Amount will be paid\non the Notes, you will be subject to the price fluctuation of the Least Performing Underlying after the Final Valuation Date.

If\nthe Final Value of the Least Performing Underlying is less than its Barrier Value, we will deliver to you at maturity the Physical Delivery\nAmount in shares of the Least Performing Underlying. The value of those shares may further decrease\nbetween the Final Valuation Date and the Maturity Date, and you will incur additional losses to the extent of such decrease. In addition,\nthere is no assurance that an active trading market will continue for shares of the Least Performing Underlying or that there will be\nliquidity in that trading market.

The Notes may be called prior to the Maturity\nDate.

If\nthe Notes are called early, the holding period over which you may receive coupon payments could be as little as approximately 6\nmonths. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for\na similar level of risk in the event the Notes are called prior to the Maturity Date.

Your return on the Notes is limited to the\nPrincipal Amount plus the Coupons, regardless of any appreciation in the value of any Underlying.

For each $1,000 Principal Amount, you will receive\n$1,000 at maturity plus the final Coupon, regardless of any appreciation in the value of any Underlying, which may be significant. Accordingly,\nthe return on the Notes may be significantly less than the return on a direct investment in the stocks included in the Underlyings during\nthe term of the Notes.

Higher Coupon Rates or lower Barrier Values\nare generally associated with Underlyings with greater expected volatility and therefore can indicate a greater risk of loss.

\"Volatility\"\nrefers to the frequency and magnitude of changes in the value of an Underlying. The greater the expected volatility with respect to an\nUnderlying on the Trade Date, the higher the expectation as of the Trade Date that the value of that Underlying could close below its\nBarrier Value on the Final Valuation Date, indicating a higher expected risk of loss on the Notes. This greater expected risk will generally\nbe reflected in a higher Coupon Rate than the yield payable on our conventional debt securities with a similar maturity, or in more favorable\nterms (such as a lower Barrier Value or a higher Coupon Rate) than for similar securities linked to the performance of an Underlying with\na lower expected volatility as of the Trade Date. You should therefore understand that a relatively higher Coupon Rate may indicate an\nincreased risk of loss. Further, a relatively lower Barrier Value may not necessarily indicate that the Notes have a greater likelihood\nof a repayment of principal at maturity. The volatility of an Underlying can change significantly over the term of the Notes. The value\nof an Underlying for your Notes could fall sharply, which could result in a significant loss of principal. You should be willing to accept\nthe downside market risk of the Least Performing Underlying and the potential to lose some or all of your principal at maturity.

PS-8

If the Notes are not called, your return will\nbe based on the Reference Return of the Least Performing Underlying.

If the Notes are not called , your return will\nbe based on the Reference Return of the Least Performing Underlying without regard to the performance of any other Underlying. As a result,\nyou could lose all or some of your initial investment if the Final Value of the Least Performing Underlying is less than its Barrier Value,\neven if there is an increase in the value of any other Underlying. This could be the case even if any other Underlying increased by an\namount greater than the decrease in the Least Performing Underlying.

Since the Notes are linked to the performance\nof more than one Underlying, you will be fully exposed to the risk of fluctuations in the value of each Underlying.

Since the Notes\nare linked to the performance of more than one Underlying, the Notes will be linked to the individual performance of each Underlying.\nBecause the Notes are not linked to a basket, in which the risk is mitigated and diversified among all of the components of a basket,\nyou will be exposed to the risk of fluctuations in the value of each Underlying. For example, in the case of notes linked to a basket,\nthe return would depend on the aggregate performance of the basket components reflected as the basket return. Thus, the depreciation of\nany basket component could be mitigated by the appreciation of another basket component. However, in the case of these Notes, the individual\nperformance of each of the Underlyings would not be combined to calculate your return and the depreciation of either Underlying would\nnot be mitigated by the appreciation of the other Underlying. Instead, your return would depend on the Least Performing Underlying.

Because\nthe Notes are linked to the performance of the Least Performing Underlying, you are exposed to greater risks of sustaining a significant\nloss on your investment than if the Notes were linked to just one Underlying.

The\nrisk that will suffer a significant loss on your investment is greater if you invest in the Notes as opposed to substantially similar\nsecurities that are linked to the performance of just one Underlying. With multiple Underlyings, it is more likely that one of the Underlyings\nwill close below its respective Barrier Value on the Final Valuation Date, than if the Notes were linked to only one Underlying.\nTherefore, it is more likely that you will suffer a significant loss on your investment.

The amount payable on the Notes is not linked\nto the values of the Underlyings at any time other than the Final Valuation Date.

The payments on the Notes will be based on the\nOfficial Closing Prices of the Underlyings on the Final Valuation Date, subject to postponement certain Market Disruption Events. If the\nNotes are not called, even if the value of the Least Performing Underlying is greater than or equal to its Barrier Value during the term\nof the Notes other than on the Final Valuation Date but then decreases on the Final Valuation Date to a value that is less than its Barrier\nValue, the Payment at Maturity will be less, possibly significantly less, than it would have been had the Payment at Maturity been linked\nto the value of the Least Performing Underlying prior to such decrease.

General Risk Factors

The Notes are subject to the credit risk of\nHSBC USA Inc.

The\nNotes are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third\nparty. As further described in the accompanying prospectus supplement and prospectus, the Notes will rank on par with all of the\nother unsecured and unsubordinated debt obligations of HSBC, except such obligations as may be preferred by operation of law. Any payment\nto be made on the Notes, including any return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they\ncome due. As a result, the actual and perceived creditworthiness of HSBC may affect the market value of the Notes and, in the event HSBC\nwere to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes.

The Notes are not insured or guaranteed by\nany governmental agency of the United States or any other jurisdiction.

The Notes are not deposit liabilities or other\nobligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency\nor program of the United States or any other jurisdiction. An investment in the Notes is subject to the credit risk of HSBC, and in the\nevent that HSBC is unable to pay its obligations as they become due, you may not receive the full payments due on the Notes.

The Estimated Initial Value of the Notes, which\nwas determined by us on the Trade Date, is less than the price to public and may differ from the market value of the Notes in the secondary\nmarket, if any.

The Estimated Initial Value of the Notes was calculated\nby us on the Trade Date and is less than the price to public. The Estimated Initial Value reflects our and our affiliates’ internal\nfunding rate, which is the borrowing rate paid to issue market-linked securities, as well as the mid-market value of the embedded derivatives\nin the Notes. This internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate\ndebt securities. As a result of the difference between our internal funding rate and the rate we would use when we issue conventional\nfixed or floating rate debt securities, the Estimated Initial Value of the Notes may be lower if it were based on the prices at which\nour fixed or floating rate debt securities trade in the secondary market. In addition, if we were to use the rate we use for our conventional\nfixed or floating rate debt issuances, we would expect the economic terms of the Notes to be more favorable to you. We determined the\nvalue of the embedded derivatives in the Notes by reference to our or our affiliates’ internal pricing

PS-9

models. These pricing models\nconsider certain assumptions and variables, which can include volatility and interest rates. Different pricing models and assumptions\ncould provide valuations for the Notes that are different from our Estimated Initial Value. These pricing models rely in part on certain\nforecasts about future events, which may prove to be incorrect. The Estimated Initial Value does not represent a minimum price at which\nwe or any of our affiliates would be willing to purchase your Notes in the secondary market (if any exists) at any time.

The price of your Notes in the secondary market, if any, immediately\nafter the Trade Date is expected to be less than the price to public.

The price to public takes into account certain\ncosts. These costs include our affiliates’ projected hedging profits (which may or may not be realized) for assuming risks inherent\nin hedging our obligations under the Notes, the underwriting discount and the costs associated with structuring and hedging our obligations\nunder the Notes. These costs will be used or retained by us or one of our affiliates, except for underwriting discounts paid to unaffiliated\ndistributors. If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes may be less than\nthe price you paid for them because secondary market prices will not take into account these costs. The price of your Notes in the secondary\nmarket, if any, at any time after issuance will vary based on many factors, including the values of the Underlyings and changes in market\nconditions, and cannot be predicted with accuracy. The Notes are not designed to be short-term trading instruments, and you should, therefore,\nbe able and willing to hold the Notes to maturity. Any sale of the Notes prior to maturity could result in a loss to you.

If we were to repurchase your Notes immediately\nafter the Original Issue Date, the price you receive may be higher than the Estimated Initial Value of the Notes.

Assuming\nthat all relevant factors remain constant after the Original Issue Date, the price at which HSBC Securities (USA) Inc. may initially buy\nor sell the Notes in the secondary market, if any, and the value that may initially be used for customer account statements, if any, may\nexceed the Estimated Initial Value on the Trade Date for a temporary period expected to be approximately 3\nmonths after the Original Issue Date. This temporary price difference may exist because, in our discretion, we may elect to effectively\nreimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the\nNotes that we will no longer expect to incur over the term of the Notes. We will make such discretionary election and determine this temporary\nreimbursement period on the basis of a number of factors, including the tenor of the Notes and any agreement we may have with the distributors\nof the Notes. The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout\nthe reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after\nthe Original Issue Date of the Notes based on changes in market conditions and other factors that cannot be predicted.

You will not have any ownership interest in\nthe stocks included in an Underlying.

As a holder of the Notes, you will not have any\nownership interest in the stocks included in an Underlying, such as rights to vote, dividend payments or other distributions. Because\nthe return on the Notes will not reflect any dividends on those stocks, the Notes may underperform an investment in the stocks included\nin an Underlying.

The Notes lack liquidity.

The Notes will not be listed on any securities\nexchange or automated quotation system. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market,\nif any exists. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily.\nBecause other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes\nis likely to depend on the price, if any, at which HSBC Securities (USA) Inc. is willing to buy the Notes.

Potential conflicts of interest may exist.

An affiliate of HSBC has a minority equity interest\nin the owner of an electronic platform, through which we may make available certain structured investments offering materials. HSBC and\nits affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging\nour obligations under the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours\nare potentially adverse to your interests as an investor in the Notes. We will not have any obligation to consider your interests as a\nholder of the Notes in taking any action that might affect the value of your Notes.

Uncertain tax treatment.

For a discussion of the U.S. federal income tax\nconsequences of your investment in a Note, please see the discussion under “U.S. Federal Income Tax Considerations” herein\nand the discussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.

PS-10

ILLUSTRATIVE EXAMPLES

The following table and examples are provided\nfor illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases\nor decreases in the value of any Underlying relative to its Initial Value. We cannot predict the Official Closing Price of an Underlying\non any Call Observation Date, including the Final Valuation Date. The assumptions we have made in connection with the illustrations set\nforth below may not reflect actual events. You should not take this illustration or these examples as an indication or assurance of the\nexpected performance of the Underlyings or the return on the Notes.

The table and examples below illustrate how the\nCoupon and the Payment at Maturity would be calculated with respect to a $1,000 investment in the Notes, given a range of hypothetical\nperformances of any Underlying. The hypothetical returns on the Notes below are numbers, expressed as percentages, that result from comparing\nthe Payment at Maturity per $1,000 Principal Amount to $1,000. The numbers appearing in the following table and examples have been rounded\nfor ease of analysis. The following table and examples assume the following:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

4    Principal\nAmount:	$1,000
4    Hypothetical\nInitial Value of each Underlying:	$100.00*
4    Hypothetical\nCall Threshold of each Underlying:	With respect to each Underlying, on a Call Observation Date, the relevant percentage of its Initial Value applicable on such Call Observation Date as described on page PS-3 under “Call Observation Dates, Call Payment Dates, Coupon Payment Dates and Call Thresholds.”
4    Hypothetical\nBarrier Value of each Underlying:	$50.00 (50.00% of the Initial Value)
4    Coupon\nRate:	13.30% per annum (1.1083% for each month in which it is payable). If the Notes are not called, the Coupons paid over the term of the Notes would total $399.00 per $1,000 Principal Amount.

* The hypothetical Initial Value of $100.00 used\nin the examples below has been chosen for illustrative purposes only and does not represent the actual Initial Value of any Underlying.\nThe actual Initial Value of each Underlying is set forth on page PS-3 of this document.

Summary of the Examples

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Notes Are Called on a \nCall Observation Date	Notes Are Not Called on a Call Observation Date
Example 1	Example 2	Example 3
Initial Value of each Underlying	$100.00	$100.00	$100.00
Call Threshold of each Underlying	$95.00	$95.00	$95.00
Barrier Value of each Underlying	$50.00	$50.00	$50.00
Official Closing Price / Percentage Change of the Least Performing Underlying on the
Coupon Payments prior to Call Observation Dates	\n Coupons: \n 5\nx $11.083 = $55.415	\n Coupons: \n 5\nx $11.083 = $55.415	\n Coupons: \n 5\nx $11.083 = $55.415
1^St Call Observation Date	\n $99.00\n/ -1.00% \n Coupon:\n$11.083	\n $52.50\n/ -47.50% \n Coupon:\n$11.083	\n $45.00/\n-55.00% \n Coupon:\n$11.083
2^nd Call Observation Date to the last Call Observation Date prior to the Final Valuation Date	N/A	\n Official Closing Price: below the Call Threshold \n Coupons: \n 29\nx $11.083 = $321.407	\n Official Closing Price: below the Call Threshold \n Coupons: \n 29\nx $11.083 = $321.407
Final Valuation Date	N/A	\n $60.00\n/ -40.00% \n Coupon:\n$11.083	\n $30.00\n/ -70.00% \n Coupon:\n$11.083
Coupon Payment Amounts Prior to Maturity or Call	5 x $11.083 = $55.415	35 x $11.083 = $387.905	35 x $11.083 = $387.905
Payment if Notes are Called	$1,011.083	N/A	N/A
Payment at Maturity	N/A	$1,011.083	$1,000 + $11.083 + ($1,000 x \n-70.00%) = $311.083**
Return of the Notes	6.65%	39.90%	-30.10%

** If the Final Value of the Least Performing\nUnderlying is less than its Barrier Value, we will pay you 10 shares of the Least Performing Underlying. The value of the 10 shares is\nbased on the Final Value of the Least Performing Underlying.

PS-11

Example 1—The Official Closing Price of each\nUnderlying on the 1^st Call Observation Date is greater than or equal to its Call Threshold.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Official Closing Price
CRM	$100.00	$125.00 (125.00% of Initial Value)
SHOP	$100.00	$99.00 (99.00% of Initial Value)
AMZN	$100.00	$129.00 (129.00% of Initial Value)

\n \n \n \n \n \n \n


Payment Upon a Call:	$1,011.083

Because\nthe Official Closing Price of each Underlying on the 1^st Call Observation Date is at or above its Call Threshold, the Notes\nwill be called and you will receive $1,011.083 per Note, reflecting the Principal Amount plus the Coupon. When added to the Coupon\npayments of $55.415 received in respect of the previous Coupon Payment Dates, we will have paid you a total of $1,066.50 per Note, resulting\nin a 6.65% return on the Notes. No extra payment will be made on account of each Underlying closing above its respective Initial Value.

Example\n2— The Notes are not called and the Final Value of the Least Performing Underlying is greater than or equal to its\nBarrier Value.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Final Value
CRM	$100.00	$115.00 (115.00% of Initial Value)
SHOP	$100.00	$60.00 (60.00% of Initial Value)
AMZN	$100.00	$99.00 (99.00% of Initial Value)

SHOP\nis the Least Performing Underlying.

\n \n \n \n \n \n \n \n \n \n


Reference Return of the Least Performing Underlying:	-40.00%
Payment at Maturity:	$1,011.083

Because the Final Value of the Least Performing Underlying\nis greater than or equal to its Barrier Value, you will receive $1,011.083 per Note, reflecting the Principal Amount plus the final Coupon.

When added to the Coupon payments of $387.905 received\nprior to maturity, we will have paid you a total of $1,399.00 per Note, resulting in a 39.90% return on the Notes.

PS-12

Example\n3—The Notes are not called and the Final Value of the Least Performing Underlying is less than its Barrier Value.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Underlying	Initial Value	Final Value
CRM	$100.00	$110.00 (110.00% of Initial Value)
SHOP	$100.00	$30.00 (30.00% of Initial Value)
AMZN	$100.00	$105.00 (105.00% of Initial Value)

SHOP\nis the Least Performing Underlying.

\n \n \n \n \n \n \n \n \n \n


Reference Return of the Least Performing Underlying:	-70.00%
Payment at Maturity:	$311.083

Because the Final Value of the Least Performing Underlying\nis less than its Barrier Value, you will receive $311.083 per $1,000 Principal Amount, calculated as follows:

Final Settlement Value = Principal Amount/Initial\nValue of the Least Performing Underlying + final Coupon

= $1,000/100.00 = 10 shares of the Least Performing\nUnderlying+ $11.083

As\nof the Valuation Date, these shares would have a value of $300.00 (10 shares multiplied by the Final Value of $30.00). The value of the\nPhysical Delivery Amount would result in a -70.00% return on the Notes. When added to the final Coupon\npayment of $11.083 and the Coupon payments of $387.905 received prior to maturity, we will pay you a total of $699.00, resulting in a\n-30.10% return on the Notes.

If the Notes are not called and the Final Value of\nthe Least Performing Underlying is less than its Barrier Value, you will receive the Physical Delivery Amount, and in such case, you will\nbe exposed to any decrease in the value of the Least Performing Underlying on a 1:1 basis and could lose up to 100% of your principal\nat maturity.

PS-13

DESCRIPTION OF THE REFERENCE\nASSET

\n \n \n \n \n \n

Description of CRM

\n \n

Salesforce, Inc. provides software on demand.\n The company supplies a customer relationship management service to businesses providing a technology platform for customers and developers\n to build and run business applications. Clients use the company to manage their customer, sales and operational data.

\n \n

Information filed by the Company with the SEC\n under the Securities Exchange Act of 1934 (the “Exchange Act”) can be located by reference to its SEC file number: 001-32224\n or its CIK Code: 0001108524. The common stock of the Company trade and are listed on the New York Stock Exchange under the symbol “CRM.”

Historical Performance of CRM

\n \n

The\n following graph sets forth the historical performance of CRM based on the daily historical closing values from October 1, 2016 through\n October 1, 2026. We obtained the closing values below from the Bloomberg Professional^® service. We have not undertaken\n any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional^®\n service.

\n \n

$\"\"$

The historical values of CRM should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Price of CRM on any Observation Date, including the Final Valuation Date.

\n \n \n \n

Description of SHOP

\n \n

Shopify Inc. provides a cloud-based commerce platform.\n The company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand.

\n \n

Information filed by the Company with the SEC\n under the Exchange Act can be located by reference to its SEC file number: 001-37400 or its CIK Code: 0001594805. The Class A Subordinate\n Voting Shares of the Company trade and are listed on the New York Stock Exchange under the symbol “SHOP.”

Historical Performance of SHOP

\n \n

The\n following graph sets forth the historical performance of SHOP based on the daily historical closing values from October 1, 2016 through\n October 1, 2026. We obtained the closing values below from the Bloomberg Professional^® service. We have not undertaken\n any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional^®\n service.

\n \n

$\"\"$

The historical values of SHOP should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Price of SHOP on any Observation Date, including the Final Valuation Date.

PS-14

\n \n \n \n \n \n

Description of AMZN

\n \n

Amazon.com,\n Inc. is an online retailer that offers a wide range of products, including: books, music, videotapes, computers, electronics, home and\n garden, and numerous other products. The Company offers personalized shopping services, web-based credit card payment, and direct shipping\n to customers.

\n \n

Information\n filed by the Company with the SEC under the Exchange Act can be located by reference to its SEC file number: 000-22513 or its CIK\n Code: 0001018724. The common stock of the Company trade and are listed on the Nasdaq Global Select Market under the symbol “AMZN.”

Historical Performance of AMZN

\n \n

The\n following graph sets forth the historical performance of AMZN based on the daily historical closing values from October 1, 2016 through\n October 1, 2026. We obtained the closing values below from the Bloomberg Professional^® service. We have not undertaken\n any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional^®\n service.

\n \n

$\"\"$

The historical values of AMZN should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Price of AMZN on any Observation Date, including the Final Valuation Date.

PS-15

EVENTS OF DEFAULT AND ACCELERATION

If the Notes have become immediately due and payable\nfollowing an Event of Default (as defined in the accompanying prospectus) with respect to the Notes, the calculation agent will determine\nthe accelerated payment due and payable in the same general manner as described in this document except that in such a case, the scheduled\ntrading day immediately preceding the date of acceleration will be used as the Final Valuation Date for purposes of determining the Reference\nReturn of an Underlying, and the accelerated Maturity Date will be three business days after the accelerated Final Valuation Date. If\na Market Disruption Event exists with respect to an Underlying on that scheduled trading day, then the accelerated Final Valuation Date\nfor that Underlying will be postponed for up to five scheduled trading days (in the same manner used for postponing the originally scheduled\nFinal Valuation Date). The accelerated Maturity Date will also be postponed by an equal number of business days following the postponed\naccelerated Final Valuation Date. For the avoidance of doubt, if no Market Disruption Event exists with respect to an Underlying on the\nscheduled trading day preceding the date of acceleration, the determination of such Underlying’s Final Value will be made on such\ndate, irrespective of the existence of a Market Disruption Event with respect to any other Underlying occurring on such date.

If the Notes have become immediately due and payable\nfollowing an Event of Default, you will not be entitled to any additional payments with respect to the Notes. For more information, see\n“Description of Debt Securities — Senior Debt Securities — Events of Default” in the accompanying prospectus.

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF\nINTEREST)

We have appointed HSBC Securities (USA) Inc.,\nan affiliate of HSBC, as the agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities (USA)\nInc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page of this pricing\nsupplement, for distribution to other registered broker-dealers or will offer the Notes directly to investors. HSBC Securities (USA) Inc.\nhas offered the Notes at the price to public set forth on the cover page of this document. HSBC USA Inc. or one of our affiliates may\npay varying underwriting discounts of up to 2.50% per $1,000 Principal Amount in connection with the distribution of the Notes to other\nregistered broker-dealers.

An\naffiliate of HSBC has paid or may pay in the future an amount to broker-dealers in connection with the costs of the continuing implementation\nof systems to support the Notes. We or one of our affiliates may pay a fee to one or more broker dealers for providing certain\nservices with respect to this offering, which may reduce the economic terms of the notes to you.

In addition, HSBC Securities (USA) Inc. or another\nof its affiliates or agents may use this pricing supplement in market-making transactions after the initial sale of the Notes, but is\nunder no obligation to make a market in the Notes and may discontinue any market-making activities at any time without notice.

See “Supplemental Plan of Distribution (Conflicts\nof Interest)” on page S-87 in the prospectus supplement.

Delivery of the Notes will be made against payment\nfor the Notes on the Original Issue Date set forth on the inside cover page of this document, which is more than one business day following\nthe Trade Date. Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to\nsettle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the\nNotes more than one business day prior to the Original Issue Date will be required to specify an alternate settlement cycle at the time\nof any such trade to prevent a failed settlement, and should consult their own advisors.

U.S. FEDERAL INCOME TAX CONSIDERATIONS

There is no direct legal authority as to the proper\ntax treatment of the Notes, and therefore significant aspects of the tax treatment of the Notes are uncertain as to both the timing and\ncharacter of any inclusion in income in respect of the Notes. Under one approach, each Note should be treated as a put option written\nby you (the “Put Option”) that permits us to “cash settle” the Put Option, and a deposit with us of cash in an\namount equal to the Principal Amount of the Note (the “Deposit”) to secure your potential obligation under the Put Option,\nas described in the accompanying prospectus supplement under the heading “U.S. Federal Income Tax Considerations — Tax Treatment\nof U.S. Holders — Certain Notes Treated as a Put Option and a Deposit or an Executory Contract — Certain Notes Treated as\na Put Option and a Deposit.” We intend to treat the Notes consistent with this approach, and we intend to treat the Deposits\nas non-contingent debt instruments for U.S. federal income tax purposes. Pursuant to the terms of the Notes, you agree to treat each Note\nas consisting of the Deposit and the Put Option for all U.S. federal income tax purposes. Subject to the limitations described therein,\nand based on certain factual representations received from us, in the opinion of our special U.S. tax counsel, Mayer Brown LLP, it is\nreasonable to treat a Note as consisting of the Deposit and the Put Option for all U.S. federal income tax purposes. Because there are\nno statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income\ntax purposes of securities with terms that are substantially the same as those of the Notes, other characterizations and treatments are\npossible and the timing and character of income in respect of the Notes might differ from the treatment described above. We do not plan

PS-16

to request a ruling from the Internal Revenue Service (the “IRS”) regarding the tax treatment of the Notes, and the IRS or\na court may not agree with the tax treatment described herein.

We will not attempt to ascertain whether any of\nthe Underlyings would be treated as a passive foreign investment company (“PFIC”) or United States real property holding corporation\n(“USRPHC”), both as defined for U.S. federal income tax purposes. If one or more of the Underlyings were so treated, certain\nadverse U.S. federal income tax consequences might apply. You should refer to information filed with the SEC and other authorities by\nthe Underlyings and consult your tax advisor regarding the possible consequences to you if one or more of the Underlyings is or becomes\na PFIC or a USRPHC.

U.S.\nHolders. Please see the discussion under the heading “U.S. Federal Income Tax Considerations — Tax Treatment of\nU.S. Holders — Certain Notes Treated as a Put Option and a Deposit or an Executory Contract — Certain Notes Treated as a Put\nOption and a Deposit” in the accompanying prospectus supplement for further discussion of U.S. federal income tax considerations\napplicable to U.S. holders (as defined in the accompanying prospectus supplement). If upon maturity of the Notes, you receive shares of\nthe Least Performing Underlying (the “Underlying Shares”) and cash in lieu of any fractional Underlying Share, you should\ngenerally recognize capital gain or loss equal to the difference between the amount of cash received in lieu of any fractional Underlying\nShare and the pro rata portion of your tax basis in the Notes that is allocable to such fractional Underlying Share, based on the amount\nof cash received and the fair market value of the Underlying Shares received. Although no assurances can be provided in this regard, you\nmay generally expect not to recognize any gain or loss with respect to any Underlying Shares received. You should generally have a basis\nin the Underlying Shares equal to your tax basis in the Notes, other than any amount allocated to a fractional Underlying Share. The holding\nperiod for such Underlying Shares should start on the day after receipt. For purposes of dividing the annual coupon rate of 13.30% on\nthe Notes among interest on the Deposit and Put Premium, 5.07% constitutes interest on the Deposit and 8.23% constitutes the Put Premium.

If the Notes are redeemed prior to maturity, you\nshould recognize the total Put Premium received as short-term capital gain at that time.

Non-U.S.\nHolders. Please see the discussion under the heading “U.S. Federal Income Tax Considerations — Tax Treatment of\nNon-U.S. Holders” in the accompanying prospectus supplement for further discussion of U.S. federal income tax considerations applicable\nto non-U.S. holders (as defined in the accompanying prospectus supplement). Because the U.S. federal income tax treatment (including the\napplicability of withholding) of the coupon payments on the Notes is uncertain, the entire amount of the coupon payment will be subject\nto U.S. federal income tax withholding at a 30% rate (or at a lower rate under an applicable income tax treaty). We will not pay any additional\namounts in respect of such withholding.

Under current law, while the matter is not entirely\nclear, individual non-U.S. holders, and entities whose property is potentially includible in those individuals’ gross estates for\nU.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained\ncertain interests or powers), should note that, absent an applicable treaty benefit, the Notes are likely to be treated as U.S. situs\nproperty, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the U.S.\nfederal estate tax consequences of investing in the Notes.

A\n“dividend equivalent” payment is treated as a dividend from sources within the United States and such payments generally would\nbe subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including\ndeemed payments) with respect to equity-linked instruments (“ELIs”) that are “specified ELIs” may be treated as\ndividend equivalents if such specified ELIs reference an interest in an “underlying security,” which is generally any interest\nin an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise\nto a U.S. source dividend. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the applicability\ndates of the Treasury regulations to provide that withholding on dividend equivalent payments paid or deemed paid will not apply to specified\nELIs that are not delta-one instruments and that are issued through 2028. Based on the Issuer’s determination that the Notes are\nnot “delta-one” instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any,\nunder the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon\nthe occurrence of certain events affecting the Underlyings or the Notes, and following such occurrence the Notes could be treated as subject\nto withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the\nUnderlyings or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context\nof the Notes and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable\npaying agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.

PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSULT\nTHEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES

PS-17

VALIDITY OF THE NOTES

In the opinion of Mayer Brown LLP, as counsel\nto the Issuer, when this pricing supplement has been attached to, and duly notated on, the master note that represents the Notes pursuant\nto the Senior Indenture referred to in the prospectus supplement dated February 21, 2024, and issued and paid for as contemplated herein,\nthe Notes offered by this pricing supplement will be valid, binding and enforceable obligations of the Issuer, entitled to the benefits\nof the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts\nof reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing\nand the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of New York, the Maryland\nGeneral Corporation Law (including the statutory provisions, all applicable provisions of the Maryland Constitution and the reported judicial\ndecisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary assumptions\nabout the trustee’s authorization, execution and delivery of the Senior Indenture and the genuineness of signatures and to such\ncounsel’s reliance on the Issuer and other sources as to certain factual matters, all as stated in the legal opinion dated February\n21, 2024, which has been filed as Exhibit 5.3 to the Issuer’s registration statement on Form S-3 dated February 21, 2024.

PS-18

TABLE OF CONTENTS		\n You should only rely\n on the information contained in this document, the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus.\n We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this document,\n the accompanying Stock-Linked Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent\n information, you should not rely on it. This document, the accompanying Stock-Linked Underlying Supplement, prospectus supplement and\n prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction\n where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this document, the accompanying\n Stock-Linked Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates. \n \n \n \n HSBC USA Inc. \n \n \n \n $500,000 \n Autocallable Yield Notes Linked to \n the Least Performing of the Equity \n Securities of Salesforce, Inc., \nShopify Inc. and Amazon.com, Inc. \n \n \n \n \n October\n 1, 2026 \n \n \n Pricing\n Supplement
Pricing Supplement
General	PS-5
Payment on the Notes	PS-6
Investor Suitability	PS-7
Risk Factors	PS-8
Illustrative Examples	PS-11
Description of the Reference Asset	PS-14
Events of Default and Acceleration	PS-16
Supplemental Plan of Distribution (Conflicts of Interest)	PS-16
U.S. Federal Income Tax Considerations	PS-16
Validity of the Notes	PS-18
Stock-Linked Underlying Supplement
Risk Factors	S-1
Additional Terms of the Notes	S-7
Information Regarding the Reference Stocks and the Reference Stock Issuers	S-13
Prospectus Supplement
Risk Factors	S-1
Pricing Supplement	S-12
Description of Notes	S-14
Use of Proceeds and Hedging	S-58
Certain ERISA and Related Considerations	S-59
U.S. Federal Income Tax Considerations	S-61
Supplemental Plan of Distribution (Conflicts of Interest)	S-87
Prospectus
About this Prospectus	1
Risk Factors	2
Where You Can Find More Information	3
Special Note Regarding Forward-Looking Statements	4
HSBC USA Inc.	6
Use of Proceeds	7
Description of Debt Securities	8
Description of Preferred Stock	19
Description of Warrants	24
Description of Purchase Contracts	29
Description of Units	32
Book-Entry Procedures	35
Limitations on Issuances in Bearer Form	39
U.S. Federal Income Tax Considerations Relating to Debt Securities	40
Certain European Union Tax Considerations Relating to Debt Securities	48
Plan of Distribution (Conflicts of Interest)	49
Notice to Canadian Investors	52
Notice to EEA Investors	53
Notice to U.K. Investors	54
U.K. Financial Promotion	54
Certain ERISA and Related Matters	55
Legal Opinions	57
Experts	58

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