AQUATIC PANDA is a China-based targeted intrusion adversary with a dual mission of intelligence collection and industrial espionage. It has likely operated since at least May 2020. AQUATIC PANDA operations have primarily focused on entities in the telecommunications, technology and government sectors. AQUATIC PANDA relies heavily on Cobalt Strike, and its toolset includes the unique Cobalt Strike downloader tracked as FishMaster. AQUATIC PANDA has also been observed delivering njRAT payloads to targets