Girls' Frontline 2 Boss Allegedly Signed a VAM Deal with Tencent — Now the Game Is Flopping Hard and the Bill Is Coming Due

A screenshot dropped on NGA like a bomb — alleging that Yu Zhong, the producer behind Girls' Frontline 2 (少前2), has a VAM (Valuation Adjustment Mechanism) deal with Tencent. Translation: the game probably won't die anytime soon, because there's too much money on the line.

The original poster followed up with a B站 (Bilibili) explainer on what a VAM agreement actually means: it's not as fancy as it sounds. Basically, Tencent gives you money upfront, but with strings attached — for example, your studio must hit a specific net profit target by 2024. Fail to meet it, and you have to buy back Tencent's equity at 1+X% premium, in cold hard cash. In other words, when Sunborn Network was strapped for cash and took Tencent's investment, they signed what could be a financial death sentence.

Looking at GFL2's revenue and chart rankings since the start of the year, that VAM deal is looking more and more like the straw that breaks the camel's back. The OP went full savage: 'Hey Chong, when are you gonna perform that flying act for real?' — using the community's mocking nickname for Yu Zhong ('Sima Chong' / 司马翀), dripping with sarcasm.

Here's where it gets spicy: there was previously an insider known as 'Knight Bro' (骑士哥) who insisted there was NO VAM deal. But the comment section flipped the script — someone leaked that Knight Bro apparently got fired, with a screenshot as evidence.

Commenters weren't exactly sympathetic: 'Knight Bro is a total clown. Even if he knew the truth, of course he'd say there's no deal — what else was he gonna do, admit it and let everyone watch him panic?' Another upvoted reply hit even harder: 'Trusting Knight Bro is even more embarrassing,' complete with the classic 'scam money.jpg' meme reaction.

Some helpful souls in the thread gave a crash course on VAM agreements: despite the 'bet' in the name (对赌 literally means 'betting against each other'), there's zero gambling involved — it's essentially a short-selling mechanism. The investee must hit pre-agreed performance targets within a deadline, or face hefty penalties or forced share buybacks at inflated prices. If Sunborn fails the VAM and Tencent pulls the rug, cutting off development funds, the company's future is bleak — which means the cash compensation clause must be astronomically high.

Perhaps the most entertaining twist: someone dug up a 2019 Zhihu post evaluating Yu Zhong's character, and it reads like a prophecy. According to that old post, Yu Zhong's defining personality trait is his arrogance — he always sets absurdly ambitious targets. Given GFL2's disastrous performance, this years-old assessment is now being hailed as eerily prophetic.

Another commenter dropped a rumor that Yu Zhong was seen heading to Shenzhen that very day — presumably to negotiate with Tencent about the VAM. 'Anyone with half a brain can see GFL2 is dead on arrival. He probably went to beg Tencent for mercy and got kicked out the door.' Someone else added: 'I bet he was there to grovel (负荆请罪).' — referencing the classic Chinese idiom of bringing a whip to beg punishment.

One commenter perfectly captured the community's collective bewilderment: 'You've got a VAM hanging over your head and you're STILL acting this cocky? Does Yu Zhong really have three emergency pouches hidden in his pocket (锦囊妙计 — a Three Kingdoms reference for last-resort strategies)? I don't buy it.'

Then there was the most unhinged theory of all: a commenter proposed a galaxy-brain take — what if Yu Zhong deliberately ran GFL2 into the ground because he knew the VAM was unwinnable? By tanking the IP's value, Tencent would have nothing to gain even if they seized it. It's clearly a joke, but it perfectly reflects the utter bewilderment of players trying to make sense of Sunborn's string of baffling decisions.

As of this writing, neither Sunborn nor Tencent has commented on the VAM allegations. GFL2's revenue continues to limp along at the bottom of the charts. Whether this alleged VAM deal becomes the final nail in Sunborn's coffin or turns out to be nothing but baseless forum gossip — only time will tell.