Hong Kong shares surged Monday morning, with the benchmark Hang Seng index up over 3% as China eased some of its COVID-19 restrictionsEase the exam rules in some cities.

stocks of alibaba group holding ltd increased over 5%. EV shares rose with it Xpeng Shares, meanwhile, surged over 19% in morning trade Li car gained over 10%. no increased by over 12%.

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Macro News: Other Chinese cities included Urumqi Easing of coronavirus restrictions on Sunday as China seeks to make its zero-COVID policy more targeted, reported Reuters.

China’s offshore yuan surged above the key 7 per dollar mark for the first time since September as authorities begin to focus on reopening the economy. reported Bloomberg.

corporate news: China Evergrande Groups EGRNF The electric vehicle division has suspended mass production of its only model due to a lack of new orders, reported Reuters citing sources.

Volkswagen Group VWAGY faces complaints of onboard system failures in ID series electric vehicles in China, reported CnEVPost.

Top winners and losers: Alibaba Health Information Technology Limited and Xiaomi Corporation are the top gainers among Hang Seng constituents, up over 17% and 7%, respectively. Lenovo Group Limited and China Resources Land Limited were the biggest losers at 1.11% and 0.6% respectively.

Global News: US futures were trading lower in Asia on Friday morning. Dow Jones futures are down 0.05%, while Nasdaq futures are down 0.13%. S&P 500 futures traded 0.12% lower.

Elsewhere in Asia-Pacific, the Australian ASX 200 was up 0.61%. Japan’s Nikkei 225 traded 0.02% higher, while China’s Shanghai Composite…