Director/PDMR Shareholding

HSBC Holdings PLC
14 March 2006

                                  SCHEDULE 11

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



1. Name of the issuer

HSBC Holdings plc

2. Name of person discharging managerial responsibilities

Mr V H C Cheng

3. Name of connected person (if applicable to this transaction)

N/A

4. This notification relates to a transaction notified in accordance with DR
3.1.4R(1)(a)

5. Description of shares (including class) or derivatives or other financial
instruments relating to the shares of HSBC Holdings plc

Ordinary shares of US$0.50 each

6. State the nature of the transaction

Award of conditional shares under The HSBC Share Plan

7. Number of shares, derivatives or financial instruments relating to shares
acquired

80,729 shares

8. Number of shares, derivatives or financial instruments relating to shares
disposed

9. Price per share or value of transactions

Nil

10. Date and place of transactions

6 March 2006, London *

*PDMR became aware of the transaction on 9 March 2006.

11. Date issuer informed of transactions

14 March 2006

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

14 March 2006




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