Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Gorilla Technology Group Inc.

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(Name of Issuer)

Ordinary Shares

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(Title of Class of Securities)

G4000K100

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(CUSIP Number)

December 5, 2024

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(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 2 of 9 Pages

1	NAMES OF REPORTING PERSONS
	SBI & Capital 22 JV Fund II, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☒
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			17,103 (1)(2)
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			17,103 (1)(2)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	17,103 (1)(2)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	0.2%(1)(2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	PN

(1)

Represents 17,103 ordinary shares, par value $0.001 per share (“Ordinary Shares”) of Gorilla Technology Group Inc. (the “Issuer”) that are held by SBI & Capital 22 JV Fund II, L.P. (“SBI Capital”) in escrow, which shares will be released if the Issuer satisfies certain earnout conditions (the “Earn-Out Shares”). SBI Capital is controlled by its general partner SBI & Capital 22 Management II Co. Ltd. (“SBI Management”).

(2)	The percentage reported in this Schedule 13G is based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 3 of 9 Pages

1	NAMES OF REPORTING PERSONS
	SBI & Capital 22 Management II Co. Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☒
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			17,103(1)(2)
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			17,103(1)(2)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	17,103(1)(2)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	0.2%(1)(2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	IV

(1)	Represents 17,103 Earn-Out Shares. SBI Management as the general partner of SBI Capital may be deemed to share beneficial ownership of the Ordinary Shares of the Issuer held directly by SBI Capital. SBI Management is controlled by its directors.

(2)	The percentage reported in this Schedule 13G is based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 4 of 9 Pages

1	NAMES OF REPORTING PERSONS
	SBI AI & Blockchain Investment LPS
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☒
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Japan
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			523,315(1)(2)
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			523,315(1)(2)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	523,315(1)(2)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	4.7%(1)(2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	PN

(1)	Represents (i) 412,144 Ordinary Shares of the Issuer held by SBI AI & Blockchain Investment LPS (“SBI AI”) and (ii) 111,171 Earn-Out Shares. SBI AI is controlled by its general partner SBI Investment Co., Ltd. (“SBI Investment”).

(2)	The percentage reported in this Schedule 13G is based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 5 of 9 Pages

1	NAMES OF REPORTING PERSONS
	SBI Investment Co., Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☒
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Japan
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			523,315(1)(2)
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			523,315(1)(2)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	523,315(1)(2)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	4.7%(1)(2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	IV

(1)

Represents (i) 412,144 Ordinary Shares of the Issuer held by SBI AI and (ii) 111,171 Earn-Out Shares. SBI Investment as the general partner of SBI AI may be deemed to share beneficial ownership of the Ordinary Shares of the Issuer held directly by SBI AI. SBI Investment is controlled by its directors.

(2)	The percentage reported in this Schedule 13G is based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 6 of 9 Pages

1	NAMES OF REPORTING PERSONS
	SBI Hong Kong Holdings Co. Limited
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
	(a)☐
	(b)☒
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Hong Kong
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER
			0
		6	SHARED VOTING POWER
			0(1)(2)
		7	SOLE DISPOSITIVE POWER
			0
		8	SHARED DISPOSITIVE POWER
			0(1)(2)
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	0(1)(2)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	☐
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	0.0%(1)(2)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	IV

(1)	Represents (i) 0 Ordinary Shares of the Issuer held by SBI Hong Kong Holdings Co. Limited (“SBI Hong Kong Holdings”).

(2)	The percentage reported in this Schedule 13G is based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 7 of 9 Pages

Explanatory Note:

This Schedule 13G Amendment is being filed by SBI Capital, SBI Management, SBI AI, SBI Investment and SBI Hong Kong Holdings (collectively, the “Reporting Persons”) with respect to the disposition of greater than 5 percent of the Ordinary Shares of the Issuer by the Reporting Persons.

Item 1(a).

Name of Issuer

Gorilla Technology Group Inc.

Item 1(b).

Address of Issuer’s Principal Executive Offices

Meridien House, 42 Upper Berkeley Street, Marble Arch, London, United Kingdom W1H 5QJ

Item 2(a).

Name of Person(s) Filing

SBI & Capital 22 JV Fund II, L.P.

SBI & Capital 22 Management II Co. Ltd.

SBI AI & Blockchain Investment LPS

SBI Investment Co., Ltd.

SBI Hong Kong Holdings Co., Limited

Item 2(b).

Address of Principal Business Office or, if none, Residence

The business address of SBI Capital is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

The business address of SBI Management is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

The business address of SBI AI is c/o SBI Investment Co., Ltd., 1-6-1, Roppongi, Minato Ward, Tokyo 106-0032 Japan.

The business address of SBI Investment is c/o SBI Investment Co., Ltd., 1-6-1, Roppongi, Minato Ward, Tokyo 106-0032 Japan.

The business address of SBI Hong Kong Holdings is Suite 1805, 18th Floor, Tower 1, The Gateway, Harbour City, Tsim Sha Tsui, Kowloon, Hong Kong

Item 2(c).

Citizenship

SBI Capital - Cayman Islands

SBI Management - Cayman Islands

SBI AI - Japan

SBI Investment - Japan

SBI Hong Kong Holdings - Hong Kong

Item 2(d).

Title of Class of Securities

Ordinary shares, par value $0.001 per share.

Item 2(e).

CUSIP Number

G4000K100

Item 3.

If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

Not Applicable, this statement is filed pursuant to 13d-1(c).

Item 4.

Ownership:

The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

In light of the relationships set forth in Item 2(a) above, each of the Reporting Persons may be deemed a member of a group comprised of all of the Reporting Persons. The aggregate beneficial ownership of the Reporting Persons is 540,418 Ordinary Shares, representing 4.9% of the total of Ordinary Shares issued and outstanding based upon 11,111,386 Ordinary Shares outstanding immediately after the Issuer’s offering according to the prospectus supplement filed by the Issuer on June 10, 2024. Notwithstanding the foregoing, each of the Reporting Persons disclaims beneficial ownership of the securities owned by the other Reporting Persons except to the extent of its voting and investment control of such securities.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 8 of 9 Pages

Item 5.

Ownership of Five Percent or Less of a Class:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

Not Applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:

Not Applicable.

Item 8.

Identification and Classification of Members of the Group:

Not Applicable.

Item 9.

Notice of Dissolution of Group:

Not Applicable.

Item 10.

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SCHEDULE 13G
CUSIP No.	G4000K100		Page 9 of 9 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: December 6, 2024
	SBI & CAPITAL 22 JV FUND II, L.P.
	By: SBI & Capital 22 Management II Co. Ltd., its General Partner
	By:	/s/ Hsin-Hsin Lee
	Name:	Hsin-Hsin Lee
	Title:	Chairman
	SBI & CAPITAL 22 MANAGEMENT II CO. LTD.
	By:	/s/ Hsin-Hsin Lee
	Name:	Hsin-Hsin Lee
	Title:	Chairman
	SBI AI & BLOCKCHAIN INVESTMENT LPS
	By: SBI Investment Co. Ltd., its General Partner
	By:	/s/ Yoshitaka Kitao
	Name:	Yoshitaka Kitao
	Title:	Representative Director
	SBI INVESTMENT CO. LTD.
	By:	/s/ Yoshitaka Kitao
	Name:	Yoshitaka Kitao
	Title:	Representative Director
	SBI HONG KONG HOLDINGS CO. LIMITED
	By:	/s/ Makoto Miyazaki
	Name:	Makoto Miyazaki
	Title:	Director

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