By massive volume? Or by targeted ads, since the company has an idea of what you buy. And your phone is just a convenient personalized billboard in your pocket.

You might similarly ask how Alphabet can be a $1 trillion company when it charges no fees for google search, maps, or Android.

Because Wall Street sells junk like this to suck, er, retail investors and tells them financials don’t matter.

Wall Street has little to do with this listing, which was unimaginable 5 years ago, as Jack Ma noted.

You are correct. I was wrong in using Wall Street as a generic term for investment bankers when this is a record and ground breaking offering on Shanghai and Hong Kong exchanges.

Still it’s being priced by Chinese bankers at such a ridiculous level that it is almost certain to work out very poorly for buyers.