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| Legend of the Magnate Finale (Credits: iQIYI) |
iQIYI’s 40-episode historical business saga Legend of the Magnate (大生意人) has finally wrapped, delivering a finale that left viewers equal parts satisfied, heartbroken, and wanting more.
Directed by Zhang Ting and fronted by Chen Xiao and Sun Qian, the series blends merchant warfare, family betrayal, and personal redemption into a surprisingly emotional finish.
Quick Recap of Legend of the Magnate Final Episode
The finale (EP 40) jumps straight into the intensifying conflict between Gu Ping Yuan and the Li family.
Li Wan Tang (once known as Gu Wanzhang, Gu Ping Yuan’s biological father) privately urges Gu to withdraw from the escalating business war.
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Gu rejects the offer outright, determined to settle accounts in his own way.
Meanwhile, Su Zi Xuan arrives with Rui Lin’s seal, signalling yet another political wave approaching.
Behind the scenes, Li Wan Tang also warns his own son Li Qin to stop going head-to-head with Gu, reminding him that even if he defeats Gu, the bigger forces of the court are impossible to outrun.
The truth of Li Wan Tang’s past is laid bare:
He once married into the wealthy Li family, changed his surname, and severed ties with his original family — leaving behind his wife and young children for twenty years of prosperity. His choices sowed the seeds for the tragedy now consuming both households.
As business rivalries turn personal, the fractures within the Li family explode.
Li Qin’s reckless actions, which include repeated aggression toward Chang Yu’er, come back to haunt him, souring public opinion and deepening his downfall. Yu’er carries emotional scars and a longing for justice, especially once she learns the truth behind the man who harmed her.
One by one, the dominoes fall:
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Chang Si dies protecting Gu Ping Yuan.
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Chang Yu’er discovers the truth about her attacker and the crime behind her father’s death.
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Gu Ping Yuan’s mother finally recognises Yu’er as a good woman, accepting her wholeheartedly before tragically passing away.
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Li Wan Tang and his wife break completely after she orders attacks against Gu’s family.
In the end, Li Wan Tang — stripped of power, disillusioned, and ashamed of the disaster he caused — leaves the world behind and becomes a monk.
Li Qin loses the family fortune, faces legal consequences, and is eventually exiled.
As for Su Zi Xuan, her rebellion collapses, and though she cannot stay by Gu Ping Yuan’s side, she departs quietly after offering him one final gesture — returning the account book that could destroy the Li family entirely. Gu burns it, refusing to let revenge turn him cold.
The closing scenes show Gu Ping Yuan stepping away from the cut-throat world of business. With his wife and child, he chooses peace over ambition and returns to his hometown to rebuild quietly.
Legend of the Magnate Ending Explained
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The ending of Legend of the Magnate is less about victory and more about the cost of ambition and the burden of generational choices.
1. Gu Ping Yuan Wins Without Destroying Others
He chooses mercy over total dominance — burning the account book instead of crushing Li Qin completely. It’s the drama’s message that true greatness lies in restraint, not revenge.
2. Li Wan Tang’s Fate Reflects the Consequences of Abandonment
His entire downfall stems from a single early decision: trading family for power. Becoming a monk represents acceptance of wrongdoing and a final attempt at spiritual redemption.
3. Chang Yu’er’s Arc Is About Healing and Recognition
Her struggle with internal shame and past trauma finally ends when Gu’s mother acknowledges her worth.
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The show frames her as a woman wronged by others but standing strong regardless.
4. Su Zi Xuan Represents the Path Gu Ping Yuan Could Have Taken
Had Gu chosen vengeance and political power, he could have easily become another Li Wan Tang. Su Zi Xuan embodies ambition without limits — brilliant but ultimately consumed by her own mission.
5. The Return to Hometown Is Symbolic
After conquering the merchant world, Gu Ping Yuan realises that home, peace, and family matter more than influence.
It’s a reset — a deliberate stepping off the battlefield.
Characters Wrapped
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Gu Ping Yuan (Chen Xiao)
From wrongly accused scholar to business legend, Gu ends the story with a clear conscience. He forgives, lets go of grudges, and withdraws from the chaos to live quietly with his family.
Chang Yu’er (Sun Qian)
She overcomes her past, secures justice, earns her mother-in-law’s acceptance, and starts a peaceful new chapter with Gu. Her emotional journey is one of the drama’s strongest threads.
Li Wan Tang / Gu Wanzhang
A tragic figure driven by ambition. After losing everything and watching his sons turn against each other, he retreats from worldly affairs and becomes a monk.
Li Qin
Once the proud heir of a wealthy household, he ends up exiled. His downfall is a direct result of his choices and inability to control his impulses.
Su Zi Xuan
Brilliant, dangerous, and compelling. She fails in her rebellion but walks away with dignity. Her quiet farewell to Gu is one of the most memorable scenes in the finale.
TLDR + Short Review
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Legend of the Magnate ends on a heavy but meaningful note.
The business battles were thrilling, but the emotional fallout — families divided, loyalties shattered, and decades-old secrets revealed — delivers a surprisingly deep final stretch.
What works:
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Strong performances by Chen Xiao & Sun Qian
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Complex merchant politics
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Emotional family storyline
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Mature finale exploring forgiveness
What could be better:
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Some arcs felt slightly rushed
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Certain conflicts resolved too neatly
Overall, it’s a compelling historical business drama with a heartfelt payoff and a satisfying sense of closure.
FAQ
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1. Is the ending happy or sad?
Bittersweet.
Gu Ping Yuan and Chang Yu’er find peace together, but they lose loved ones along the way. Several characters pay heavy prices, especially Li Wan Tang and Li Qin.
2. Does Legend of the Magnate follow the novel’s ending?
Largely yes, though the drama softens certain plot points and emphasises emotional reconciliation more than pure revenge.
3. Will there be a Season 2?
Possibly — but it depends on audience demand.
The production team recently stated that Season 2 could happen if fan support is strong enough.
The original novel does have a sequel (with a different title), meaning there’s existing material to build on.
They may continue with the same cast or shift the focus to new characters and markets.
4. What could Season 2 be about?
If greenlit, possible directions include:
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Gu Ping Yuan navigating new commercial territories
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Next-generation merchant rivalries
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Expansion into international trade
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Su Zi Xuan’s unresolved storyline
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The rise of Gu’s younger allies in the business world
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What's Your Thoughts?
Legend of the Magnate pulls off an ending that rewards the journey — heavy with consequences but hopeful in spirit. If viewers rally behind the show, Season 2 might just become a reality, especially with the novel offering a natural continuation. Until then, this finale leaves plenty to reflect on, and even more to discuss.
If you enjoyed this breakdown and want a deeper look at character motivations or novel-to-drama differences, feel free to ask — happy to dive further!