The realm of cyberspace is fraught with ever-evolving threats, and Advanced Persistent Threat (APT) groups pose a significant risk to the security and stability of nations and international organizations. One such formidable APT group, SharpPanda, has emerged as a notable threat, targeting G20 member countries with a sophisticated attack chain. This report provides a comprehensive analysis of the attack chain employed by SharpPanda, commencing with a meticulously crafted phishing email and exploiting a series of techniques, ultimately culminating in the deployment of downloader dynamic-link libraries (DLLs) via remote templates.