FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a - 16 or 15d - 16 of
                      the Securities Exchange Act of 1934

                           For the month of August, 2007

                               HSBC Holdings plc

                              42nd Floor, 8 Canada
                        Square, London E14 5HQ, England


(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).

                          Form 20-F X Form 40-F ......

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).

                                Yes....... No X


(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)







                              HSBC HOLDINGS PLC
                        SECOND INTERIM DIVIDEND FOR 2007
                           SCRIP DIVIDEND ALTERNATIVE

On 30 July 2007, the Directors of HSBC Holdings plc declared a second interim
dividend for 2007 of US$0.17 per ordinary share payable on 4 October 2007 to
shareholders on the Register on 17 August 2007. The dividend is payable in cash
in United States dollars, sterling or Hong Kong dollars, or a combination of
these currencies, with a scrip dividend alternative. The 'Market Value' for the
issue of new shares under the scrip dividend alternative is:

                         US$17.5483 for each new share

The 'Market Value' is the United States dollar equivalent of GBP8.874 being the
average of the middle market quotations for the ordinary shares on the London
Stock Exchange as derived from the Daily Official List for the five business
days beginning on 15 August 2007 (the day on which the shares were first quoted
ex-dividend).

Dividends payable in cash in sterling or Hong Kong dollars on 4 October 2007
will be converted from United States dollars at the forward exchange rates
quoted by HSBC Bank plc in London at or about 11.00am on 24 September 2007.
These exchange rates will be announced to the London, Hong Kong, New York, Paris
and Bermuda stock exchanges.

Particulars of the dividend arrangements will be mailed to shareholders or made
available electronically on or about 29 August 2007, and elections must be
received by the Registrars by 19 September 2007.

R G Barber
Group Company Secretary
HSBC Holdings plc

Note to editors:

HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through around
10,000 offices in 83 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of some US$2,150
billion at 30 June 2007, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank'.




                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                               HSBC Holdings plc

                                                By:
                                                Name:  P A Stafford
                                                Title: Assistant Group Secretary
                                                Date:  22 August, 2007