The Contingent Income Callable Securities, which we refer to as the securities, do not guarantee the payment of interest or the repayment of the stated principal amount. Instead, the securities offer the opportunity for investors to earn a contingent quarterly payment at an annual rate of at least 9.60% (to be determined on the pricing date) of the stated principal amount, but only if the closing level of the underlying index on the relevant quarterly observation date is greater than or equal to 70% of the initial index level, which we refer to as the coupon barrier level. The securities may be redeemed early at our discretion on any early redemption notice date, for an amount equal to the sum of the stated principal amount and the contingent quarterly payment, if any, for the related quarterly observation date. An early redemption will be at our discretion and will not automatically occur based on the performance of the underlying index. If the securities have not been previously redeemed and the final index level is greater than or equal to 70% of the initial index level, which we refer to as the downside threshold level, the payment at maturity will be the stated principal amount and, if applicable, the final contingent quarterly payment. However, if the securities have not been previously redeemed and the final index level is less than the downside threshold level, you will be exposed to the decline in the closing level of the underlying index, as compared to the initial index level, on a 1 to 1 basis and will receive a payment at maturity that is less than 70% of the stated principal amount of the securities and could be zero. As a result, investors must be willing to accept the risk of losing their entire principal and also the risk of not receiving any contingent quarterly payments. Accordingly, the securities do not guarantee any return of principal at maturity. Because payments on the securities are based on the performance of the underlying index, a decline beyond the coupon barrier level and/or downside threshold level, as applicable, will result in few or no contingent quarterly payments and/or a significant loss of your investment, as applicable. The securities are intended for investors who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risks of principal loss and receiving few or no contingent quarterly payments over the term of the securities. Investors will not participate in any appreciation of the underlying index. All payments on the securities are subject to the credit risk of HSBC.

* The pricing date, original issue date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the securities.

The estimated initial value of the securities on the pricing date is expected to be between $950.00 and $980.00 per security, which will be less than the price to public. The market value of the securities at any time will reflect many factors and cannot be predicted with accuracy. See “Estimated initial value” below and “Risk Factors” beginning on page 10 of this document for additional information.

An investment in the securities involves certain risks. See “Risk Factors” beginning on page 10 of this free writing prospectus, page S-1 of the Equity Index Underlying Supplement and page S-1 of the prospectus supplement.

Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved the securities, or determined that this free writing prospectus or the accompanying Equity Index Underlying Supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

HSBC has filed a registration statement (including a prospectus, a prospectus supplement and an Equity Index Underlying Supplement) with the SEC for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more complete information about 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, HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement and Equity Index Underlying Supplement if you request them by calling toll-free 1-866-811-8049.

You should read this document together with the related Equity Index Underlying Supplement, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below.

The securities are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States or any other jurisdiction, and involve investment risks including possible loss of the stated principal amount invested due to the credit risk of HSBC.

The Contingent Income Callable Securities due December 12, 2024 Based on the Performance of the S&P 500^® Index, which we refer to as the securities, provide an opportunity for investors to earn a contingent quarterly payment at an annual rate of at least 9.60% of the stated principal amount but only if the closing level of the underlying index on the relevant quarterly observation date is greater than or equal to 70% of the initial index level, which we refer to as the coupon barrier level. The actual contingent quarterly payment will be determined on the pricing date. The contingent quarterly payment will be payable quarterly on the contingent payment date or the maturity date, as applicable. It is possible that the closing level of the underlying index could remain below the coupon barrier level for extended periods of time or even throughout the term of the securities so that you may receive few or no contingent quarterly payments.

The securities may be redeemed at our discretion on any early redemption notice date, for the principal amount plus the contingent quarterly payment, if any, for the related quarterly observation date. An early redemption will be at our discretion and will not automatically occur based on the performance of the underlying index. If the securities have not been previously redeemed and the final index level is greater than or equal to 70% of the initial index level, which we refer to as the downside threshold level, the payment at maturity will be the stated principal amount and, if applicable, the final contingent quarterly payment. However, if the securities have not been previously redeemed and the final index level is less than the downside threshold level, you will be exposed to the decline in the closing level of the underlying index, as compared to the initial index level, on a 1 to 1 basis and will receive a payment at maturity that is less than 70% of the stated principal amount of the securities and could be zero. Investors in the securities must be willing to accept the risk of losing their entire principal and also the risk of not receiving any contingent quarterly payments. In addition, investors will not participate in any appreciation of the underlying index.

The securities do not guarantee the payment of interest or any repayment of the stated principal amount. Instead, the securities offer investors an opportunity to earn a contingent quarterly payment at an annual rate of at least 9.60% of the stated principal amount, but only if the closing level of the underlying index on the relevant quarterly observation date is greater than or equal to 70% of the initial index level, which we refer to as the coupon barrier level. The actual contingent quarterly payment will be determined on the pricing date. The securities may be redeemed at our discretion on any early redemption notice date prior to maturity for the stated principal amount per security plus the contingent quarterly payment, if any, with respect to the related quarterly observation date. If the securities are not redeemed prior to maturity, the payment at maturity will vary depending on the final index level, as follows:

The following diagrams illustrate the potential outcomes for the securities depending on (1) the official closing level for the underlying index on the relevant quarterly observation date and (2) if the Issuer chooses to redeem the securities early, at our discretion on any early redemption notice date.

For more information about the payout upon an early redemption or at maturity in different hypothetical scenarios, see “Hypothetical Examples” beginning on page 7.

How to determine whether a contingent quarterly coupon is payable with respect to a quarterly coupon observation date:

stated principal amount + contingent quarterly payment = $1,000.00 + $24.00 = $1,024.00

In this example, the early redemption feature limits the term of your investment to approximately 15 months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will not receive any additional contingent quarterly payments.

How to calculate the payment at maturity (if the securities have not been redeemed):

*In addition, the final contingent quarterly coupon will be payable if the official closing level of the underlying index is at or above the coupon barrier level on the final quarterly observation date.

If the final index value is below the downside threshold level, you will be exposed to the downside performance of the underlying index at maturity, and your payment at maturity will be less than 70% of the stated principal amount and could be zero.

The securities may be suitable for you if:

You believe that the closing levels on the relevant quarterly observation dates of the underlying index will be equal to or greater than the coupon barrier level, and not below the downside threshold level on the valuation date.

You are willing to make an investment that is potentially exposed to downside performance of the underlying index on a 1-to-1 basis.

You understand that you may not receive any contingent quarterly payments.

You are willing to hold the securities that may be called at our discretion on any early redemption notice date.

You are willing to invest in securities, the maximum potential return of which is limited to any contingent quarterly payments payable on the securities.

You are willing to forgo distributions paid on the stocks included in the underlying index.

You are willing to hold the securities to maturity.

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

You are willing to accept the risk and return profile of the securities versus a 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 securities.

The securities may not be suitable for you if:

You believe that the closing levels of the underlying index on any the relevant quarterly observation dates will be less than the coupon barrier level, and/or below the downside threshold level on the valuation date.

You are unwilling to make an investment that is potentially exposed to the downside performance of the underlying index on a 1-to-1 basis.

You are unable or unwilling to hold the securities that may be called at our discretion on any early redemption notice date.

You are unwilling to invest in securities, the maximum potential return of which is limited to any contingent quarterly payments payable on the securities.

You are not willing to forgo distributions paid on the stocks included in the underlying index.

You are unwilling to hold the securities to maturity.

You prefer to receive guaranteed periodic interest payments on your investment.

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

You prefer the lower risk, and therefore accept the potentially lower returns, 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 with HSBC, as Issuer of the securities.

We urge you to read the section “Risk Factors” on page S-1 in the accompanying prospectus supplement and on page S-1 of the Equity Index Underlying Supplement. Investing in the securities is not equivalent to investing directly in the securities included in the underlying index. You should understand the risks of investing in the securities and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the securities in light of your particular financial circumstances and the information set forth in this free writing prospectus and the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus.

In addition to the risks discussed below, you should review “Risk Factors” in the accompanying prospectus supplement and Equity Index Underlying Supplement, including the explanation of risks relating to the securities described in the following sections:

“— Risks Relating to All Note Issuances” in the prospectus supplement; and

“— General Risks Related to Indices” in the Equity Index Underlying Supplement.

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

On the other hand, we will be less likely to exercise our redemption right when the official closing level of the underlying index is below the coupon barrier level and/or when the final index level is expected to be below the downside threshold level, such that you will receive no contingent quarterly payments and/or that you will suffer a significant loss on your initial investment in the securities at maturity. Therefore, if we do not exercise our redemption right, it is more likely that you will receive few or no contingent quarterly payments and suffer a significant loss at maturity.

default on its obligations, you may not receive the amounts owed to you under the terms of the securities and could lose your entire investment.

Underlying Index” below. You may receive less, and possibly significantly less, than the stated principal amount if you try to sell your securities prior to maturity.

Please read the discussion under “Additional Information About the Securities – Additional Provisions – Tax considerations” in this document concerning the U.S. federal income tax consequences of an investment in the securities. Pursuant to the terms of the securities, you agree to treat a security for U.S. federal income tax purposes as a single financial contract that provides for a contingent quarterly payment that will be treated as ordinary income to you at the time received or accrued in accordance with your regular method of tax accounting. If the Internal Revenue Service (“IRS”) were successful in asserting an alternative treatment for the securities, the timing and character of income or loss on the securities might differ significantly from the tax treatment described herein. Non-U.S. Holders should note that the entire amount of the contingent quarterly payments will be subject to U.S. federal income tax withholding at

a 30% rate (or at a lower rate under an applicable income tax treaty), and we will not be required to pay any additional amounts with respect to amounts withheld. We do not plan to request a ruling from the IRS regarding the tax treatment of the securities, and the IRS or a court may not agree with the tax treatment described herein.

In 2007, the U.S. Treasury Department and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. While it is not clear whether the securities would be viewed as similar to the prepaid forward contracts described in the notice, it is possible that any U.S. Treasury Department regulations or other guidance issued after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. The notice focuses on a number of issues, the most relevant of which for holders of the securities are the character and timing of income or loss and the degree, if any, to which income realized by non-U.S. investors should be subject to withholding tax. Both U.S. and Non-U.S. Holders should consult their tax advisors regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, the issues presented by this notice and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdictions.

The S&P 500^® Index (“SPX”) is a market capitalization-weighted index intended to provide a performance benchmark for the large-cap U.S. equity markets. The SPX includes a representative sample of 500 companies in leading industries of the U.S. economy.

For more information about the underlying index, see “The S&P 500^® Index” beginning on page S-55 of the accompanying Equity Index Underlying Supplement.

The following graph sets forth the historical performance of the SPX based on its daily historical official closing level from November 29, 2012 through November 29, 2022. We obtained the official closing levels below from the Bloomberg Professional^® service. We have not independently verified the accuracy or completeness of the information obtained from the Bloomberg Professional^® service. The historical performance of the SPX should not be taken as an indication of its future performance, and no assurance can be given as to the level of the SPX at any time, including on the determination dates.

Please read this information in conjunction with the summary terms on the front cover and page 2 of this document.

SUMMARY TERMS
Issuer:	HSBC USA Inc. (“HSBC”)
Underlying index:	S&P 500^® Index (Bloomberg symbol: SPX) (the “SPX”)
Aggregate principal amount:	$
Stated principal amount:	$1,000 per security
Issue price:	$1,000 per security
*Pricing date:**	December 9, 2022
*Original issue date:**	December 14, 2022 (3 business days after the pricing date)
*Valuation date:**	December 9, 2024, subject to adjustment as described in the accompanying Equity Index Underlying Supplement
*Maturity date:**	December 12, 2024, subject to adjustment as described in the accompanying Equity Index Underlying Supplement
Observation dates:	Quarterly, on March 9, 2023, June 9, 2023, September 11, 2023, December 11, 2023, March 11, 2024, June 10, 2024, September 9, 2024 and December 9, 2024 (the valuation date)
Early redemption notice dates:	The observation dates, beginning on March 9, 2023.
Contingent payment dates:	Quarterly, on March 14, 2023, June 14, 2023, September 14, 2023, December 14, 2023, March 14, 2024, June 13, 2024, September 12, 2024 and December 12, 2024 (the maturity date)
Early redemption:	The securities may be redeemed at our discretion on any early redemption notice date, for the principal amount plus the contingent quarterly payment for the related quarterly observation date, if any. In order to redeem the securities, we or the calculation agent will distribute written notice to The Depository Trust Company of our intent to call the securities on or prior to the applicable early redemption notice date. We or the calculation agent will have no independent obligation to notify you directly and you should expect to receive such notifications from your broker
Early redemption price:	The sum of the stated principal amount and the contingent quarterly payment, if any, for the related quarterly observation date. This amount will be paid on the contingent payment date following the applicable early redemption notice date.
Contingent quarterly payment:	·       Subject to early redemption, if the official closing level for the underlying index on the relevant quarterly observation date is greater than or equal to the coupon barrier level, we will pay a contingent quarterly payment at an annual rate of at least 9.60% of the stated principal amount per security (corresponding to $24.00 (or 2.40%) per quarter per security) on the related contingent payment date. The actual contingent quarterly payment will be determined on the pricing date ·       If the official closing level of the underlying index on the relevant quarterly observation date is less than the coupon barrier level, no contingent quarterly payment will be made with respect to that quarterly observation date It is possible that the underlying index will remain below the coupon barrier levels for extended periods of time or even throughout the entire term of the securities, so that you will receive few or no contingent quarterly payments during the term of the securities
Listing:	The securities will not be listed on any securities exchange
Agent:	HSBC Securities (USA) Inc., an affiliate of HSBC. See “Additional Information About the Securities — Supplemental plan of distribution (conflicts of interest).”
Commissions and issue price:	Price to public	Agent’s commissions	Proceeds to issuer
Per security	$1,000.00	$15.00⁽¹⁾	$980.00
		$5.00⁽²⁾
Total	$	$	$

Payment at maturity:	If the securities have not been previously redeemed, investors will receive a payment at maturity as follows:

	·   If the final index level is greater than or equal to the downside threshold level:	the stated principal amount plus, if applicable, the final contingent quarterly payment.
	·  If the final index level is less than the downside threshold level:	(i) the stated principal amount multiplied by (ii) the index performance factor. In this case, the payment at maturity will be less than 70% of the stated principal amount of the securities and could be zero.
Index performance factor:	final index level / initial index level
Coupon barrier level:	70% of the initial index level
Downside threshold level:	70% of the initial index level
Initial index level:	The official closing level of the underlying index on the pricing date
Final index level:	The official closing level of the underlying index on the valuation date
Estimated initial value:	The estimated initial value of the securities is expected to be less than the price you pay to purchase the securities. The estimated initial value does not represent a minimum price at which we or any of our affiliates would be willing to purchase your securities in the secondary market, if any, at any time. The estimated initial value will be calculated on the pricing date and will be set forth in the pricing supplement to which this free writing prospectus relates. See “Risk Factors—The estimated initial value of the securities, which will be determined by us on the pricing date, is expected to be less than the price to public and may differ from the market value of the securities in the secondary market, if any.”
CUSIP / ISIN:	40441XXX3 / US40441XXX38

Hypothetical Initial Index Level:	100.00
Hypothetical Coupon Barrier Level:	70.00, which is 70% of the hypothetical initial index level
Hypothetical Downside Threshold Level:	70.00, which is 70% of the hypothetical initial index level
Hypothetical Contingent Quarterly Payment:	9.60% per annum (corresponding to $24.00 (or 2.40%) per quarter per security)
Stated Principal Amount:	$1,000.00 per security

Early Redemption Example
Hypothetical Quarterly Observation Dates	Lowest Index Closing Value on the Applicable Quarterly Observation Date	Contingent Quarterly Payment
#1	50.00 (below the coupon barrier level)	N/A
#2	50.00 (below the coupon barrier level)	N/A
#3	85.00 (at or above the coupon barrier level)	$24.00
#4	50.00 (below the coupon barrier level)	N/A
#5	85.00 (at or above the coupon barrier level)	$24.00

Example	Index Closing Value on the Valuation Date (Final Index Value)	Payment at Maturity
#1	85.00 (at or above the downside threshold level)	$1,000*
#2	50.00 (below the downside threshold level)	$1,000 × the index performance factor = $1,000 × (50.00 /100.00) = $500.00

Additional Provisions
Listing:	The securities will not be listed on any securities exchange.
CUSIP:	40441XXX3
ISIN:	US40441XXX38
Minimum ticketing size:	$1,000 / 1 security
Events of default and acceleration:	If the securities have become immediately due and payable following an event of default (as defined in the accompanying prospectus) with respect to the securities, the calculation agent will determine the accelerated payment at maturity due and payable in the same general manner as described in “Summary Terms—Payment at maturity” in this free writing prospectus. In such a case, the third scheduled trading day for the underlying index immediately preceding the date of acceleration will be used as the final valuation date for purposes of determining the accelerated final level, and the positive return, if any, will be calculated based on the time elapsed from the original issue date and the quarterly rate of return of at least 2.40% (at least 9.60% per annum), to be determined on the pricing date. If a market disruption event exists on that scheduled trading day, then the accelerated final valuation date will be postponed for up to five scheduled trading days (in the same general manner used for postponing the originally scheduled valuation date). The accelerated maturity date will be the fifth business day following such accelerated postponed valuation date. For more information, see “Description of Debt Securities — Senior Debt Securities — Events of Default” in the accompanying prospectus.
Tax considerations:	Prospective investors should note that the discussion under the section called “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement does not apply to the securities issued under this document and is superseded by the following discussion. The following summary is a general discussion of the material U.S. federal tax consequences of ownership and disposition of the securities. This discussion applies only to initial investors in the securities who: ·       purchase the securities at their “issue price”; and ·       hold the securities as capital assets, within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the “Code”). This discussion does not describe all of the tax consequences that may be relevant to a holder in light of the holder’s particular circumstances or to holders subject to special rules, such as: ·       certain financial institutions; ·       insurance companies; ·       certain dealers and traders in securities, commodities or foreign currencies; ·       investors holding the securities as part of a “straddle,” conversion transaction, integrated transaction or constructive sale transaction; ·       investors subject to special tax accounting rules under Section 451(b) of the Code; ·       U.S. Holders, as defined below, whose functional currency is not the U.S. dollar; ·       partnerships or other entities classified as partnerships for U.S. federal income tax purposes; ·       regulated investment companies;