Plans to merge Victory Five and Ninjas in Pyjamas (NiP) were announced on 9 July 2020 by the teams' respective owners.

The merger was completed on 10 August 2021, and, on 6 January 2023, Victory Five was dissolved and its teams were rebranded as NiP China.

The team's performance was hindered throughout the season by the COVID-19 pandemic in China, as several of their players lived within quarantine zones and were forbidden from leaving.

[4] Victory Five revamped their roster prior to the 2020 LPL Summer Split; top laner Yu "Biubiu" Leixin, jungler Wei "Weiwei" Bohan, and bot laner Lee "Samd" Jae-hoon were acquired from Suning, while prospective rookie Guo "ppgod" Peng joined from FunPlus Blaze as the team's new support.

[5] The Swedish esports organisation Ninjas in Pyjamas (NIP) announced on 9 July 2020 that it planned to merge with ESV5, a joint venture between eStar Gaming and Victory Five, to establish a new entity which would be listed on the Nasdaq Stock Market.