SCHEDULE 13G

CUSIP No.

G0260P102

Names of Reporting Persons

HSBC Holdings plc

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 232,365,782.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 232,365,782.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

232,365,782.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

42 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: Percent based on a total of 553,631,196 ordinary shares outstanding as of December 31, 2024 as shown in Schedule 20-F filed by Amer Sports, Inc. on March 07, 2025.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Amer Sports, Inc.

(b)

Address of issuer's principal executive offices:

Konepajankuja 6, Helsinki, H9

Item 2.

(a)

Name of person filing:

HSBC Holdings plc

(b)

Address or principal business office or, if none, residence:

8 Canada Square, London E14 5HQ, United Kingdom

(c)

Citizenship:

Incorporated in England with limited liability

(d)

Title of class of securities:

Ordinary shares, par value EUR 0.0300580119630888 per share

(e)

CUSIP No.:

G0260P102

Item 4.

Ownership

(a)

Amount beneficially owned:

232,365,782

(b)

Percent of class:

42%

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

232,365,782

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of:

232,365,782

(iv) Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of 5 Percent or Less of a Class.

Not Applicable

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.

HSBC International Trustee Limited ("HKIT") manages (i) DSJ Family Trust, which owns 100% of Allwealth Assets Limited, which owns 100% of Talent Trend Investment Limited, which owns 33.52% of Anta International Group Holdings Limited and 0.036% of Anta Sports Products Limited ("Anta Sports"); (ii) DSZ Family Trust, which owns 100% of Top Bright Assets Limited, which owns 100% of Shine Well (Far East) Limited, which owns 34.06% of Anta International Group Holdings Limited and 0.336% of Anta Sports; and (iii) certain other family trusts, which own minority interests in Anta International Group Holdings Limited amounting to 29.71% in the aggregate. Anta International Group Holdings Limited directly owns 42.79% of Anta Sports, and it also has indirect ownership of Anta Sports by owning 100% of Anda Holdings International Limited, which owns 5.73% of Anta Sports, and owning 100% of Anda Investments Capital Limited, which owns 4.11% of Anta Sports. Anta Sports owns 100% of Anllian Sports Products Limited, which directly owns Ordinary Shares; and Anta Sports also owns 100% Anllian Holdings Limited, which owns 100% of Anllian Holdco (BVI) Limited which directly owns Ordinary Shares. HKIT also manages Sunyoung Trust, which owns 100% of Newsun Capital Limited which directly owns Ordinary Shares. HKIT has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Ordinary Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Person. Such interests of Amer Sports, Inc. relate to more than 5 percent of the class of Ordinary Shares. HKIT is an indirect, wholly owned subsidiary of HSBC Holdings plc. HSBC Bank plc ("HBEU") in its normal course of business holds 0.002% Ordinary Shares (of the total reportable holdings) in Rights of Use Unexercised capacity and can utilize the shares as per the client's contractual arrangement. HBEU is a wholly owned subsidiary of HSBC Holdings plc.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

Anllian Sports Products Limited, Anllian Holdco (BVI) Limited, Newsun Capital Limited, HSBC Bank plc

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HSBC Holdings plc

Signature:	/s/ Hannah Ashdown
Name/Title:	Hannah Ashdown/Company Secretary
Date:	05/14/2025