SharpPanda__2021__SharpPanda_Chinese_APT_Group_Targets_Southeast_Asian_Government_With_Previously_Unknown_Backdoor_-_Check_Point_Research.pdf

Check Point Research reports a Chinese APT group targeting a Southeast Asian government using spear-phishing and Microsoft Office exploits to deliver a multi-stage backdoor via RoyalRoad RTFs, RC4-encrypted payloads, and a loader to retrieve and execute VictoryDll_x86.dll, with ongoing C2 communications, persistence, and a history of related MClient/VictoryDll activity, indicating a sophisticated, multi-year campaign and infrastructure.