[PICC Property & Casualty Insurance Company successfully issued the first "side-trailer" insurance-linked securities in the Hong Kong market] October 14th. Recently, PICC Property & Casualty Insurance Company successfully issued "side-trailer" insurance-linked securities in Hong Kong to provide reinsurance protection for the offshore wind power insurance business underwritten by PICC Property & Casualty Insurance Company. This issuance is the first issuance of insurance-linked securities with a "side-trailer" structure in the Hong Kong market, and is also the first issuance of "side-trailer" insurance-linked securities by a domestic insurance institution. Through this issuance, PICC Property & Casualty further explores a new model of obtaining proportional reinsurance protection through the international capital market, improves the "reinsurance + insurance risk securitization" dual-pillar risk diversification system, and accumulates practical experience to enhance catastrophe insurance underwriting capabilities and serve the construction of the country's multi-level catastrophe risk protection system. In addition, this issuance introduces China's offshore wind power insurance risks into the international capital market, enhances international investors' understanding of China's green energy insurance business, and expands risk diversification channels for insurance to serve the development of green energy.