After a series of equity pledge, freezing and asset sale, LeTV's ecological model has collapsed. How does the corporate myth known as creating a unique LeTV model go from opening to bursting? "Jia Yueting tried to quickly seize the absolute market share through the low-price strategy, but it ended in failure because there was no main business to support the enterprise." This is the view of Zhang Gang of Southwest Securities. The purchase and distribution of copyrighted content is the beginning of the myth of LeTV.

From the upstream "copyright+self-made" content, to the mid-stream video website platform, to the downstream terminals such as TV, mobile phones and automobiles, and then to the multi-screen distribution application open platform, one new story after another constantly pushes LeTV to a new mythical height.

Under the constant tossing, burning money, financing, burning money again, refinancing, and continuing to burn money, the cash flow is almost broken, similar to the "burning ship" in the Three Kingdoms period. One ring went wrong and another ring went wrong, and the myth of LeTV began to collapse rapidly.

There seems to be a rule in Jia Yueting's business trajectory, that is, "constant tossing". Qi, a senior investment banker, commented on the Economic Observer: "Jia Yueting's restless personality may be one of the reasons for the myth of LeTV in the past few years." .

Jia Yueting's earlier experience is rich. Before the establishment of LeTV in 2004, he put down his "iron rice bowl" in a small local office and earned the "first bucket of gold" after eight years in the sea.

After graduating from Shanxi Finance and Taxation College, Jia Yueting gave up a year's work within the system and founded a company called Zhuo Yue Industry. The business scope of this company is not only coal washing, printing and steel trade ... Later, he successively opened computer training schools and bilingual education schools. After a brief enthusiasm, in 2002, Jia Yueting discovered a new business opportunity: telecom equipment business. I stepped in without any previous accumulation.