As of December 23, ARKQ held 655,042 shares of ADRs worth about $30 million, or 1.37 percent of the position.

After initiating a position in Xpeng Motors earlier this month, leading US investor Cathie Wood continues to buy shares of the Chinese electric vehicle company traded in the United States.

The latest position data shows that ARK Invest, managed by Wood, has further increased its holdings in Xpeng's US-traded ADRs through its ARK Autonomous Tech. & Robotics ETF (ARKQ).

As of December 23, ARKQ held 655,042 shares of Xpeng ADRs worth about $30 million, or 1.37 percent of the position.

ARKQ last moved its position in Xpeng on December 15, when it held 619,923 shares of Xpeng ADRs worth about $27.57 million, or 1.25 percent of the position.

Xpeng is currently ranked 25th in ARKQ's holdings, up from its previous position of 30th.

ARKQ has continued to reduce its position in in the past, and the stock is now down to 10.66 percent of its position, but still ranked No. 1.

On December 2, ARKQ first bought 277,263 shares of Xpeng's ADRs worth about $13.4 million, representing 0.56 percent of ARKQ's position.

Since then, Xpeng's US-traded ADRs have fallen about 10 percent, despite rising about 17 percent in the past three days.

China-based brokerage Guosen Securities initiated coverage on Xpeng with a buy rating in a research report issued yesterday.

Guosen Securities analyst Tang Xuxia's team expects Xpeng to post EPS of RMB -2.78, RMB -2.42 and RMB -1.99 in 2021-2023, respectively.

They give Xpeng a target price of HK$206-223 for the company's Hong Kong-traded shares based on a 2022 PS valuation of 8-9x, implying an upside of 17 percent to 26 percent.