No.220 互联网系列大结局：贾公下周回国日，乐视宏图未倒时 | 中国互联网故事 29

LeTV's seven "ecosystem" businesses were individually plausible but collapsed together once share-pledge leverage and financial engineering triggered a supplier-debt cascade in 2016-17.

• Serial entrepreneur origins: Jia Yueting, born 1973 in Shanxi, ran a grab-bag of small businesses (coal washing, steel trading, a bilingual school) before entering telecom equipment supply to China Unicom/Mobile via Xibei'er companies from 1999.
• LeTV's three golden years: From 2013-2016 LeTV's Super TV captured ~20% of China's TV sales, its phones hit 20M+ units sold in 2016, and LeTV Pictures posted RMB 3.95bn box office across 11 films — real, verifiable businesses.

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