HSBC Holdings plc (LSE:HSBA) commences share repurchases on May 4, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2022. As per the mandate, the company is authorized to repurchase up to 2,021,399,449 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is $0.5 and the maximum price which may be paid for each ordinary share is the lower of 105% of the average of the middle market quotations for the ordinary Shares (as derived from the Daily Official List of the London Stock Exchange plc for the 5 dealing days immediately preceding the day on which the share is contracted to be purchased, or 105% of the average of the closing prices of the ordinary shares on The Stock Exchange of Hong Kong Limited for the 5 dealing days immediately preceding the day on which the ordinary share is contracted to be purchased, in each case converted (where relevant) into the relevant currency in which the purchase is effected given as quoted by HSBC Bank plc in the London Foreign Exchange Market. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash or used to meet the company's obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2023, whichever is earlier. As of March 10, 2022, the company had 20,422,799,252 ordinary shares and 20,213,994,492 ordinary shares in treasury.

On May 3, 2022, the company announced that it has entered into irrevocable, non-discretionary buy-back agreements with Merrill Lynch International ('Merrill Lynch') to repurchase $1,000 million worth of its shares. Ordinary Shares purchased under the buyback will be cancelled. The repurchases will commence from May 4, 2022 and the program is valid until August 31, 2022.