The Jiangsu Securities Regulatory Bureau warned investors to beware of illegal financial activities conducted under the name of real-world assets, or RWA, after some institutions and individuals promoted the concept with claims such as “backed by physical assets,” “guaranteed high returns” and “low risk with stable appreciation.” The bureau said any form of financing activity conducted under the name of RWA within China constitutes illegal financial activity. It urged investors to stay alert to false promises including “guaranteed principal and high returns” and “sure profit without loss,” preserve evidence of suspicious activity and report it to competent authorities or public security organs.