Shares of Xpeng Motors traded in Hong Kong closed up 6.12 percent to HK$171.7 on Thursday, pushing it above the issue price of HK$165 for the first time since it went public in Hong Kong.

Xpeng opened 4.76 percent higher to HK$169.5 today on the back of several positive catalysts.

Alibaba increased its long position in Xpeng's Hong Kong shares from 0% to 14.97% on July 7, according to HKEx filings.

Xpeng went public in Hong Kong on July 7 at an issue price of HK$165, after which its share price continued to fall.

On July 15, its share price once fell to HK$142.1, a drop of about 14% from the issue price.

But since July 16, Xpeng has continued to rise in Hong Kong, gaining about 13 percent in the past four trading days.

Alibaba is a key backer of Xpeng, which has a 12 percent stake in Xpeng with 14.6 percent of the voting rights, according to the latter's 20-F filing with the U.S. Securities and Exchange Commission in April.

Xpeng was included in the Hang Seng Composite Index as well as the Hang Seng Consumer Goods Manufacturing and Services Index on July 21.

Within the Hang Seng Composite Index, Xpeng is classified in the Hang Seng Composite Industry Index (Non-Essential Consumption), the Hang Seng Composite Large Cap Index and the Hang Seng Composite Large and Mid-Cap Index.