[Form 4] Service Corporation International Insider Trading Activity

Rhea-AI Filing Summary

HSBC Holdings plc (HSBC) filed a Form 6-K detailing daily activity under the US$2 bn share-buy-back announced on 31 July 2025. On 4 Aug 2025 the bank repurchased 2.5 m ordinary shares on UK venues at a volume-weighted average price (VWAP) of £9.2351 and 1.1 m shares on the Hong Kong Stock Exchange at a VWAP of HK$95.7890.

Since programme launch, 8,519,774 shares have been bought for an aggregate ≈US$103.8 m. The UK-venue shares are already cancelled, reducing issued share capital to 17,397,374,813 shares with full voting rights; HSBC holds no treasury shares. Cancellation of the Hong Kong tranche will be announced separately.

The 4 Aug purchases equate to roughly 0.02 % of shares outstanding, while total repurchases to date represent about 0.05 %, providing modest yet ongoing EPS accretion and signalling management’s commitment to capital returns.

Positive

• US$103.8 m of shares repurchased within four days, demonstrating strong capital return momentum
• Immediate cancellation of UK-venue shares reduces share count, supporting EPS accretion
• Transparent multi-venue execution and compliance with UK MAR and HK listing rules bolster governance confidence

Negative

• Repurchased shares represent only 0.05 % of outstanding stock, providing limited per-share uplift
• Hong Kong share cancellation delay introduces temporary complexity for share-count calculations

Insights

Portfolio Manager

TL;DR – Incremental buy-back progress, modest but positive for EPS and signalling.

The disclosed trades add only ~US$24 m of repurchases on the day, yet they move the running total past US$100 m within four trading days. Although the amount is immaterial versus HSBC’s ~US$140 bn market cap, continuous cancellation shrinks share count and should lift EPS and ROE marginally. The absence of treasury shares avoids dilution risk. Management’s rapid execution indicates available excess capital after strong 1H results and supports the 2025 capital-return narrative. Rating: mildly accretive.

Corporate Governance Expert

TL;DR – Routine disclosure, neutral governance impact.

The filing complies with UK MAR Article 5 and HK listing rules, offering full trade transparency via RNS link. Split execution across UK and HK venues is standard for dual-listed issuers. Governance risk is minimal: all shares are cancelled, preserving voting power balance. Shareholders should note that the denominator for DGTR filings will change again once HK shares are cancelled, requiring updated substantial-holding calculations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WARING SUMNER J III

(Last) (First) (Middle)

1929 ALLEN PARKWAY

(Street)

HOUSTON TX 77019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SERVICE CORP INTERNATIONAL [ SCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/01/2025		M		36,100	A	$50.82	331,292	D
Common Stock	08/01/2025		S		36,100	D	$76.5927(1)	295,192	D
Common Stock	08/01/2025		M		20,000	A	$49.59	315,192	D
Common Stock	08/01/2025		S		20,000	D	$76.5198(2)	295,192	D
Common Stock								7,073	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee stock option (right to buy)	$50.82	08/01/2025		M			36,100	(3)	02/19/2028	Common Stock	36,100	$0	0	D
Employee stock option (right to buy)	$49.59	08/01/2025		M			20,000	(4)	02/17/2029	Common Stock	20,000	$0	30,300	D

Explanation of Responses:

1. The shares were sold in multiple transactions at prices ranging from $76.39 to $76.74 per share on August 1, 2025. The $76.59273 sale price reported above is the weighted average sale price. The reporting person undertakes to provide upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

2. The shares were sold in multiple transactions at prices ranging from $76.36 to $76.83 per share on August 1, 2025. The $76.519824 sale price reported above is the weighted average sale price. The reporting person undertakes to provide upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

3. The option vests in three equal installments on February 19, 2021, 2022, and 2023.

4. The option vests in three equal installments on February 17, 2022, 2023, and 2024.

Remarks:

	Jessica Vu, Attorney-in-Fact for Sumner J. Waring, III	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many HSBC shares were bought back on 4 August 2025?

3.6 million ordinary shares (2.5 m UK, 1.1 m HK) were repurchased.

What prices did HSBC pay for the 4 August buy-back?

VWAPs were £9.2351 on UK venues and HK$95.7890 in Hong Kong.

How many shares has HSBC repurchased since the 31 July 2025 programme start?

A total of 8,519,774 shares for approximately US$103.8 m.

What is HSBC's current issued share capital after the latest cancellations?

After cancelling UK-venue shares it stands at 17,397,374,813 ordinary shares with voting rights.

Does HSBC hold any treasury shares following the repurchases?

No, HSBC holds zero ordinary shares in treasury; all bought shares are cancelled.

When will the Hong Kong repurchased shares be cancelled?

Cancellation takes longer than UK venues; HSBC will issue a separate voting-rights announcement once completed.