Based on the Worst Performing of the iShares^® MSCI EAFE ETF, the Russell 2000^® Index and the S&P 500^® Index

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 10.20% of the stated principal amount, with respect to each determination date on which the closing value of each underlying is greater than or equal to 70.00% of its initial value, 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 applicable contingent quarterly payment. An early redemption will be at our discretion and will not automatically occur based on the performance of any underlying. If the securities have not been previously redeemed and the final value of each underlying is greater than or equal to 65.00% of its initial value, which we refer to as the principal barrier level, the payment at maturity will be the stated principal amount and, if applicable, the final contingent quarterly payment. If the securities have not been previously redeemed and the final value of the worst performing underlying is less than its coupon barrier level, but greater than or equal to its principal barrier value, the payment at maturity will be the principal amount. However, if the securities have not been previously redeemed and the final value of any underlying is less than its principal barrier level, you will be exposed to the decline in the closing level of the worst performing underlying, as compared to its initial value, on a 1 to 1 basis and will receive a payment at maturity that is less than 65.00% 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 each underlying, a decline beyond the respective coupon barrier level and/or respective principal barrier level, as applicable, of any underlying will result in few or no contingent quarterly payments and/or a significant loss of your investment, as applicable, even if any other underlying has appreciated or has not declined as much. 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 any of the underlying indices. All payments on the securities are subject to the credit risk of HSBC.

The estimated initial value of the securities on the pricing date is $995.206 per security, which is 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 of this document for additional information.

An investment in the securities involves certain risks. See “Risk Factors” beginning on page of this pricing supplement, page S-1 of the Equity Index Underlying Supplement and ETF 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 pricing supplement or the accompanying Equity Index Underlying Supplement and ETF 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 an Equity Index Underlying Supplement and an ETF Underlying Supplement) with the SEC for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement and ETF 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 and ETF 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 August 18, 2025 Based on the Worst Performing of the iShares^® MSCI EAFE ETF, the Russell 2000^® Index and 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 10.20% of the stated principal amount with respect to each quarterly determination date on which the determination closing value or the final value, as applicable, of each underlying is greater than or equal to its coupon barrier level. The contingent quarterly payment, if any, will be payable quarterly on the contingent payment date (which is the third business day after the related determination date) or the maturity date, as applicable. It is possible that the closing value of one or more underlyings could remain below their respective coupon barrier levels 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 applicable contingent quarterly payment. An early redemption will be at our discretion and will not automatically occur based on the performance of any underlying. If the securities have not been previously redeemed and the final value of each underlying is greater than or equal to its coupon barrier value, the payment at maturity will be the stated principal amount and the contingent quarterly payment with respect to the final determination date. If the securities have not been previously redeemed and the final value of the worst performing underlying is less than its coupon barrier level, but greater than or equal to its principal barrier value, the payment at maturity will be the principal amount. However, if the securities have not been previously redeemed and the final value of any underlying is less than its principal barrier level, you will be exposed to the decline in the closing level of the worst performing underlying, as compared to its initial value, on a 1 to 1 basis and will receive a payment at maturity that is less than 65.00% 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 any of the underlying indices.

The securities offer investors an opportunity to earn a contingent quarterly payment at an annual rate of 10.20% of the stated principal amount with respect to each determination date on which the determination closing value or the final value, as applicable, of each underlying is greater than or equal to its coupon barrier level. 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 applicable contingent quarterly payment, and the payment at maturity will vary depending on the final value of the worst performing underlying, as follows:

The following diagrams illustrate the potential outcomes for the securities depending on (1) the determination closing value and (2) the final value of each underlying.

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

In Examples 1 and 2, the closing values of the underlyings fluctuate over the term of the securities and the determination closing value of each underlying is greater than or equal to its hypothetical initial value on one of the first 5 determination dates. Because the determination closing value of each underlying is greater than or equal to its initial value on one of the first 5 determination dates, and the securities are redeemed following the relevant determination date. In Examples 3, 4 and 5, the securities are not redeemed prior to, and remain outstanding until, maturity.

* The early redemption payment includes the unpaid contingent quarterly payment with respect to the determination date on which the determination closing value of each underlying is greater than or equal to its coupon barrier level and the securities are redeemed.

stated principal amount + contingent quarterly payment = $1,000 + $25.50 = $1,025.50

In this example, the early redemption feature limits the term of your investment to approximately 3 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.

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. Further, although the worst performing underlying has appreciated by 5% from its initial value as of the 5^th determination date, you only receive a total payment of $1,025.50 per security and do not benefit from such appreciation.

Examples 3 and 4 illustrate the payment at maturity per security based on the final value of the worst performing underlying.

In this example, the payment you would receive at maturity is significantly less than the stated principal amount. In addition, you would not be entitled to receive any contingent quarterly payments during the term of the securities.

In this example, although the final value of the worst performing underlying represents a 15% decline from its initial value, because the final value of the worst performing underlying is greater than or equal to its coupon barrier level, you would receive the stated principal amount plus the contingent quarterly payment, equal to a total payment of $1,025.50 per security at maturity.

In this example, although the final value of the worst performing underlying represents a 32% decline from its initial value, because the final value of the worst performing underlying is greater than or equal to its principal barrier level, you would receive the stated principal amount at maturity.

The securities may be suitable for you if:

§	You believe that the closing value of each underlying will be equal to or greater than its coupon barrier level on one or more of the determination dates, and not below its principal barrier level on the final determination date.

§	You are willing to make an investment that is potentially exposed to downside performance of the worst performing underlying on a 1-to-1 basis if its final value is less than the principal barrier level.

§	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 any of the underlyings.

§	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 value of each underlying will be less than its coupon barrier level on each of the determination dates, and/or below its principal barrier level on the final determination date.

§	You are unwilling to make an investment that is potentially exposed to the downside performance of the worst performing underlying on a 1-to-1 basis if its final value is less than the principal barrier level.

§	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 any of the underlyings.

§	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” beginning on page S-1 in the accompanying prospectus supplement and either page S-1 of the accompanying Equity Index Underlying Supplement or page S-1 of the accompanying ETF Underlying Supplement. Investing in the securities is not equivalent to investing directly in the securities included in the underlyings. 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 pricing supplement and the accompanying Equity Index Underlying Supplement and ETF Underlying Supplement, prospectus supplement and prospectus.

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

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

“—Securities Prices Generally Are Subject to Political, Economic, Financial and Social Factors that Apply to the Markets in which They Trade and, to a Lesser Extent, Foreign Markets” in the ETF Underlying Supplement; and

“—Time Differences Between the Domestic and Foreign Markets and New York City May Create Discrepancies in the Trading Level or Price of the Notes” in the ETF Underlying Supplement.

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

payments. Accordingly, the return on the securities may be significantly less than the return on a direct investment in the securities included in the underlyings during the term of the securities.

On the other hand, we will be less likely to exercise our redemption right when the official closing value of any underlying is below its respective coupon barrier level and/or when the final value of the worst performing underlying is expected to be below its coupon barrier 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.

securities to be called prior to maturity, the securities are less likely to be called than if the securities were linked to fewer underlyings or just one underlying.

level of the RTY may be more volatile than an investment in stocks issued by large-capitalization companies. Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, making it difficult for the RTY to track them. In addition, small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products.

issue date. This temporary price difference may exist because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the securities and other costs in connection with the securities that we will no longer expect to incur over the term of the securities. We will make such discretionary election and determine this temporary reimbursement period on the basis of a number of factors, including the tenor of the securities and any agreement we may have with the distributors of the securities. The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the original issue date of the securities based on changes in market conditions and other factors that cannot be predicted.

no assurance that the volatility will lessen. See “Information about the Underlyings” 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 iShares^® MSCI EAFE ETF ("EFA") is an exchange-traded fund. The EFA seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Index. The EFA invests in a representative sample of securities in the MSCI EAFE Index, generally investing around 90% of its assets in the MSCI EAFE Index and depository receipts based on the securities in the MSCI EAFE Index and may invest the remainder of its assets in securities not held by the MSCI EAFE Index, but which BlackRock Fund Advisors believe will help the EFA track its Underlying Index. Shares of the EFA are listed and trade on the NYSE Arca, Inc. under the ticker symbol "EFA."

For more information about the EFA, see "The iShares^® MSCI EAFE ETF" beginning on page S-35 of the accompanying ETF Underlying Supplement.

The graph below is based on the closing prices of the EFA for each day in the period February 13, 2014 to February 13, 2024. We obtained the closing prices below from the Bloomberg Professional^® service (“Bloomberg”). We have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from Bloomberg. The historical performance of the EFA should not be taken as an indication of its future performance, and no assurance can be given as to the price of the EFA at any time, including on the determination dates.

The Russell 2000^® Index (“RTY”) is designed to track the performance of the small capitalization segment of the U.S. equity market. All 2,000 stocks are traded on a major U.S. exchange, and the RTY consists of the smallest 2,000 companies included in the Russell 3000^® Index. The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as determined by market capitalization.

For more information about the RTY, see "The Russell 2000^® Index" beginning on page S-45 of the accompanying Equity Index Underlying Supplement.

The graph below is based on the closing levels of the RTY for each day in the period February 13, 2014 to February 13, 2024. We obtained the closing levels below from Bloomberg. We have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from Bloomberg. The historical performance of the RTY should not be taken as an indication of its future performance, and no assurance can be given as to the level of the RTY at any time, including on the determination dates.

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 SPX, see "The S&P 500^® Index" beginning on page S-55 of the accompanying Equity Index Underlying Supplement.

The graph below is based on the closing levels of the SPX for each day in the period February 13, 2014 to February 13, 2024. We obtained the closing levels below from Bloomberg. We have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from Bloomberg. 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 final terms on the front cover of this document.

FINAL TERMS
Issuer:	HSBC USA Inc. (“HSBC”)
Underlyings:	The iShares^® MSCI EAFE ETF (Bloomberg symbol: EFA UP), the Russell 2000^® Index (Bloomberg symbol: RTY) and the S&P 500^® Index (Bloomberg symbol: SPX) (each, an “underlying”).
Aggregate principal amount:	$9,000,000.00
Stated principal amount:	$1,000 per security
Issue price:	$1,000 per security
Pricing date:	February 13, 2024
Original issue date:	February 16, 2024 (3 business days after the pricing date)
Valuation date:	August 13, 2025, subject to adjustment as described in the accompanying Equity Index Underlying Supplement and ETF Underlying Supplement.
Maturity date:	August 18, 2025, subject to adjustment as described in the accompanying Equity Index Underlying Supplement and ETF Underlying Supplement.
Early redemption:	The securities may be redeemed at our discretion on any early redemption notice date, for the principal amount plus the applicable contingent quarterly payment. 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 notice dates:	The determination dates, beginning on May 13, 2024 and ending on May 13, 2025.
Early redemption payment:	The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the related determination date.
Contingent payment dates:	With respect to each determination date other than the final determination date, the third business day after the related determination date. The payment of the contingent quarterly payment, if any, with respect to the final determination date will be made on the maturity date.
Determination closing value:	With respect to each underlying, its official closing value on any determination date other than the final determination date, as determined by the calculation agent.
Contingent quarterly payment:	· If, on any determination date, the determination closing value or the final value, as applicable, of each underlying is greater than or equal to its coupon barrier level, we will pay a contingent quarterly payment at an annual rate of 10.20% of the stated principal amount per security (corresponding to $25.50 (or 0.0255%) per quarter per security) on the related contingent payment date. · If, on any determination date, the official closing level of any underlying index on is less than its coupon barrier level, no contingent quarterly payment will be made with respect to that determination date. It is possible that one or more underlyings will remain below their respective 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.
Determination dates:	May 13, 2024, August 13, 2024, November 13, 2024, February 13, 2025, May 13, 2025 and August 13, 2025 (the final determination date), each subject to adjustment as described in “Additional Terms of the Notes—Valuation Dates” the accompanying Equity Index Underlying Supplement and ETF Underlying Supplement.

	· If the final value of each underlying is greater than or equal to its coupon barrier value:	· (i) the stated principal amount and (ii) the contingent quarterly payment with respect to the final determination date
	· If the final level of the worst performing underlying is less than its coupon barrier level but greater than or equal to its principal barrier level:	· the stated principal amount
	· If the final value of any underlying is less than its principal barrier level:	· (i) the stated principal amount multiplied by (ii) the performance factor of the worst performing underlying. In this case, the payment at maturity will be less than 65.00% of the stated principal amount of the securities and could be zero.

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	$0.00⁽¹⁾	$1,000.00
Total	$9,000,000.00	$0.00	$9,000,000.00

Performance factor:	With respect to each underlying, final value / initial value
Coupon barrier level:	$51.989 with respect to the EFA, 1,374.9218 with respect to the RTY and 3,467.219 with respect to the SPX, each of which is 70.00% of its initial value
Principal barrier value:	$48.2755 with respect to the EFA, 1,276.7131 with respect to the RTY and 3,219.5605 with respect to the SPX, each of which is 65.00% of its initial value
Initial value:	$74.27 with respect to the EFA, 1,964.174 with respect to the RTY and 4,953.17 with respect to the SPX, each of which was its official closing value on the pricing date.
Final value:	With respect to each underlying, its official closing value on the final determination date.
Worst performing underlying:	The underlying with the largest percentage decrease from its initial value to its final value.
Estimated initial value:	The estimated initial value of the securities is 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. See “Risk Factors — The estimated initial value of the securities, which was determined by us on the pricing date, is less than the price to public and may differ from the market value of the securities in the secondary market, if any.”
CUSIP / ISIN:	40447AC51 / US40447AC514

Scenario 1	*On any of the first 5 determination dates, the determination closing value of each* underlying is greater than or equal to its initial value.** §    The securities will be redeemed for (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the related determination date. §     Investors will not participate in any appreciation of the underlyings from their respective initial values.
Scenario 2	*The securities are not redeemed prior to maturity and the final value of each* underlying is greater than or equal to its coupon barrier value.** §     The payment due at maturity will be (i) the stated principal amount plus (ii) the contingent quarterly payment with respect to the final determination date. §     Investors will not participate in any appreciation of the underlyings from their respective initial values.
Scenario 3	The securities are not redeemed prior to maturity and the final value of the worst performing underlying is less than its coupon barrier level, but greater than or equal to its principal barrier level. §     The payment due at maturity will be the stated principal amount.
Scenario 4	*The securities are not redeemed prior to maturity and the final value of any* underlying is less than its principal barrier level. §    The payment due at maturity will be (i) the stated principal amount multiplied by (ii) the performance factor of the worst performing underlying. §     Investors will lose a significant portion, and may lose all, of their principal in this scenario.**

Hypothetical Initial Value:	With respect to each underlying, 100.00
Hypothetical Coupon Barrier Level:	With respect to each underlying, 70.00, which is 70.00% of its hypothetical initial value
Hypothetical Principal Barrier Value:	With respect to each underlying, 65.00, which is 65.00% of its hypothetical initial value
Contingent Quarterly Payment:	10.20% per annum (corresponding to $25.50 (or 2.55%) per quarter per security)
Stated Principal Amount:	$1,000 per security

	Example 1					Example 2
Determination Dates	Hypothetical Determination Closing Value of EFA	Hypothetical Determination Closing Value of RTY	Hypothetical Determination Closing Value of SPX	Contingent Quarterly Payment	Early Redemption Payment*	Hypothetical Determination Closing Value of EFA	Hypothetical Determination Closing Value of RTY	Hypothetical Determination Closing Value of SPX	Contingent Quarterly Payment	Early Redemption Payment*
#1	$100.00	105.00	115.00	—*	$1,025.50	$90.00	95.00	85.00	$25.50	N/A
#2	N/A	N/A	N/A	N/A	N/A	$45.00	60.00	90.00	N/A	N/A
#3	N/A	N/A	N/A	N/A	N/A	$40.00	85.00	105.00	N/A	N/A
#4	N/A	N/A	N/A	N/A	N/A	$40.00	90.00	100.00	N/A	N/A
#5	N/A	N/A	N/A	N/A	N/A	$125.00	115.00	105.00	—*	$1,025.50
Final Determination Date	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

	Example 3					Example 4
Determination Dates	Hypothetical Determination Closing Value of EFA	Hypothetical Determination Closing Value of RTY	Hypothetical Determination Closing Value of SPX	Contingent Quarterly Payment	Early Redemption Payment	Hypothetical Determination Closing Value of EFA	Hypothetical Determination Closing Value of RTY	Hypothetical Determination Closing Value of SPX	Contingent Quarterly Payment	Early Redemption Payment
#1	$42.00	65.00	85.00	N/A	N/A	$45.00	95.00	105.00	N/A	N/A
#2	$40.00	60.00	90.00	N/A	N/A	$44.00	65.00	90.00	N/A	N/A

#3	$43.00	55.00	95.00	N/A	N/A	$42.00	85.00	95.00	N/A	N/A
#4	$40.00	50.00	100.00	N/A	N/A	$47.00	90.00	100.00	N/A	N/A
#5	$43.00	70.00	110.00	N/A	N/A	$45.00	100.00	110.00	N/A	N/A
Final Determination Date	$50.00	180.00	190.00	N/A	N/A	$85.00	160.00	$85.00	$25.50*	N/A
Payment at Maturity	$500.00					$1,025.50

Payment at maturity =	final value of EFA	x principal amount	=	$50.00	x $1,000.00	= $500.00
	initial value of EFA			$100.00

	Example 5
Determination Dates	Hypothetical Determination Closing Value of EFA	Hypothetical Determination Closing Value of RTY	Hypothetical Determination Closing Value of SPX	Contingent Quarterly Payment	Early Redemption Payment
#1	$45.00	95.00	105.00	N/A	N/A
#2	$44.00	65.00	90.00	N/A	N/A
#3	$42.00	85.00	95.00	N/A	N/A
#4	$47.00	90.00	100.00	N/A	N/A
#5	$45.00	100.00	110.00	N/A	N/A
Final Determination Date	$68.00	160.00	85.00	N/A	N/A
Payment at Maturity	$1,000.00

Additional Provisions
Listing:	The securities will not be listed on any securities exchange.
CUSIP:	40447AC51
ISIN:	US40447AC514
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 “Final Terms—Payment at maturity” in this pricing supplement. In such a case, the third scheduled trading day for each underlying immediately preceding the date of acceleration will be used as the final valuation date for purposes of determining the accelerated final values, 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 2.55% (10.20% per annum). 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 the avoidance of doubt, if no market disruption event exists with respect to an underlying on the scheduled trading day preceding the date of acceleration, the determination of such underlying’s performance factor will be made on such date, irrespective of the existence of a market disruption event with respect to the other underlyings occurring on such 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; · real estate investment trusts; · tax-exempt entities, including an “individual retirement account” or “Roth IRA”, as defined in Section 408 or 408A of the Code, respectively; or · persons subject to the alternative minimum tax. As the law applicable to the U.S. federal income taxation of instruments such as the securities is technical and complex, the discussion below necessarily represents only a general summary. Moreover, the effect of any applicable state, local or non-U.S. tax laws is not discussed. This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed U.S. Treasury Department regulations, all as of the date hereof, changes to any of which subsequent to the date of this document may affect the tax consequences described herein. Persons considering the purchase of the securities should consult their tax advisors with regard

	to consult with their own tax advisors regarding the possible implications of this legislation on their investment in the securities.
Calculation agent:	HSBC USA Inc., or one of its affiliates.
Supplemental plan of distribution (conflicts of interest):	Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc., an affiliate of HSBC, will purchase the securities from HSBC for distribution to Morgan Stanley Wealth Management. Neither HSBC USA Inc. or any of its affiliates will pay any underwriting discounts. In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use this pricing supplement in market-making transactions after the initial sale of the securities, but is under no obligation to make a market in the securities and may discontinue any market-making activities at any time without notice. Delivery of the securities will be made against payment for the securities on the original issue date set forth on the cover page of this document, which is more than two business days following the pricing date. Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the securities more than two business days prior to the original issue date will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors. See “Supplemental Plan of Distribution (Conflicts of Interest)” on page S-83 in the prospectus supplement.
Where you can find more information:	This pricing supplement relates to an offering of the securities linked to the underlyings. The purchaser of a security will acquire a senior unsecured debt security of HSBC USA Inc. Although the offering of securities relates to the underlyings, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the underlyings or any security included in the underlyings or as to the suitability of an investment in the securities. HSBC has filed a registration statement (including a prospectus, a prospectus supplement an Equity Index Underlying Supplement and an ETF Underlying Supplement) with the SEC for the offering to which this pricing supplement relates. Before you invest, you should read the prospectus, prospectus supplement, Equity Index Underlying Supplement and ETF 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 and ETF Underlying Supplement if you request them by calling toll-free 1-866-811-8049. You should read this document together with the prospectus dated February 23, 2021, the prospectus supplement dated February 23, 2021 the Equity Index Underlying Supplement dated February 23, 2021 and the ETF Underlying Supplement dated February 23, 2021. If the terms of the securities offered hereby are inconsistent with those described in the accompanying Equity Index Underlying Supplement and ETF Underlying Supplement, prospectus supplement or prospectus, the terms described in this pricing supplement shall control. You should carefully consider, among other things, the matters set forth in “Risk Factors” beginning on page of this pricing supplement, page S-1 of the Equity Index Underlying Supplement and ETF Underlying Supplement and page S-1 of the prospectus supplement, as the securities involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. As used herein, references to the “Issuer”, “HSBC”, “we”, “us” and “our” are to HSBC USA Inc. You may access these documents on the SEC web site at www.sec.gov as follows: The Equity Index Underlying Supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465921026625/tm217170d5_424b2.htm The ETF Underlying Supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465921026629/tm217170d6_424b2.htm The prospectus supplement at: https://www.sec.gov/Archives/edgar/data/83246/000110465921026609/tm217170d2_424b2.htm The prospectus at: https://www.sec.gov/Archives/edgar/data/83246/000110465921026585/tm217170d7_424b3.htm
Validity of the securities:	In the opinion of Mayer Brown LLP, as counsel to the Issuer, when this pricing supplement has been attached to, and duly notated on, the master note that represents the securities pursuant to the Senior Indenture referred to in the prospectus supplement dated February 23, 2021, and issued and paid for as contemplated herein, the securities offered by this pricing supplement will be valid, binding and enforceable obligations of the Issuer, entitled to the benefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is

	Security Type	Security Class Title	Fee Calculation or Carry Forward Rule	Amount Registered	Proposed Maximum Offering Price Per Unit	Maximum Aggregate Offering Price	Fee Rate	Amount of Registration Fee
Fees to Be Paid	Debt	Debt Securities	Rule 457(r)			$9,000,000	$147.60 per $1,000,000	$1,328.40