Some five years after Alibaba Group first went public in New York, shares of the Chinese internet giant made a solid debut in Hong Kong on Tuesday marking the largest initial public offer on that market so far this year.

Alibaba's Hong Kong-listed shares jumped 6.25 percent above its issue price of HK$176($22.50) per share on Tuesday morning before hitting an early intraday high of HK$189.5. They closed 6.59 percent up at HK$187.60.

Alibaba operates the Taobao and Tmall online retail platforms along with a wide array of logistics, cloud computing and financial services.