We have five honorable mentions that didn’t make our Top Ten list.It is obviously subject to change going forward from both future and past acquisition performance, as well as fluctuating stock prices. This ranking represents a point in time in history, March 2, 2020.If we made an assumption not disclosed by the parent company, we linked to the source of the reported assumption. All underlying assumptions are based on public financial disclosures unless stated otherwise.We recognize this analysis is flawed (cashflow/profit multiples are better, at least for mature companies), but given the opacity of most companies’ business unit reporting, this was the only way to apply a consistent and straightforward approach to each deal. If you have any examples you think we missed ping us on Slack or email at: We used revenue multiples to estimate the current value of the acquired company, multiplying its current estimated revenue by the market cap-to-revenue multiple of the parent company’s stock. We considered all historical acquisitions - not just technology companies - but may have overlooked some in areas that we know less well.Naspers’ investment in Tencent and Softbank/Yahoo’s investment in Alibaba are disqualified for this reason. In order to count for our list, acquisitions must be at least a majority stake in the target company (otherwise it’s just an investment).PDD users on mini-programs vs other Chinese e-commerce players: *39fpSP_JqhDaPhQ2.png .Photo of 26 year-old Colin at lunch with Warren Buffett:.Want more Acquired, including access to the LP Show, LP Calls and the Book Club? Join the Limited Partner program at: What makes PDD so special, and how were they able to enter a market that everyone considered "already won" and disrupt massive entrenched competitors Alibaba and JD.com? This story is chock-full of lessons that apply not only to China tech, but to high-growth company building and investing everywhere. We kick off Season 7 with a bang: Pinduoduo, the incredible five year-old Chinese mashup of "Costco and Disneyland" (as self-described in their IPO prospectus) which recently became the fastest company ever to pass $100B market capitalization. The Complete History and Strategy of Pinduoduo
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