Director/PDMR Shareholding

HSBC Holdings PLC
28 September 2005



                                  SCHEDULE 11

     NOTIFICATION OF INTERESTS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL
                    RESPONSIBILITY AND/OR CONNECTED PERSONS

1. Name of the issuer

HSBC Holdings plc

2. State whether the notification relates to a:

(i) transaction notified in accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as
extended by section 328)of the Companies Act 1985; or

(iii) Both (i) and (ii).

In respect of (ii)

3. Name of person discharging managerial responsibilities/director

James Hughes-Hallett

4. State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected person

The director is a Trustee of the Esmee Fairbairn Foundation

5. Indicate whether the notification is in respect of a holding of the person
referred to in 3 or 4 above or in respect of a non-beneficial interest

Non-beneficial interest as Trustee

6. Description of shares (including class), debentures or derivatives or
financial instruments relating to shares

8.208 per cent non-cumulative Step-up Perpetual Preferred Securities issued by
HSBC Capital Funding (Sterling 1) L.P.

7. Name of registered shareholder(s) and, if more than one, the number of shares
held by each of them

State Street Nominees Limited

8. State the nature of the transactions

Acquisition/purchase

9. Number of shares, debentures or financial instruments relating to shares
acquired

£4,700,000 8.208 per cent non-cumulative Step-up Perpetual Preferred Securities
issued by HSBC Capital Funding (Sterling 1) L.P.

10. Percentage of issued class acquired

De minimis

11. Number of shares, debentures or financial instruments relating to shares
disposed



12. Percentage of issued class disposed



13. Price per share or value of transaction

EUR123.03

14. Date and place of transaction

22 August 2005, London

* The Director became aware of this transaction on 28 September 2005

15. Total holding following notification and total percentage holding following
notification

Non-beneficial interest as trustee in £4,700,000 8.208 per cent non-cumulative
Step-up Perpetual Securities

16. Date issuer informed of transaction

28 September 2005

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17. Date of grant

18. Period during which or date on which exercise can be exercised

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved (class and number)

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at the time of exercise

22. Total number of shares or debentures over which options held following
notification

23. Any additional information

Name of contact and telephone number for queries

Nicola Black, Assistant Secretary, 020 7991 2652

Name of duly authorised officer/official of issuer responsible for making
notification

As above

Date of notification

28 September 2005


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