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Bassetts passes on the cost of a 19 percent tariff (which predates the current trade dispute) and a value-added tax "in the teens" to its client in Beijing, which then adds it to the retail price.

Bai Huiyuan, Bai Riyou's son, took the "baton" from his father and ran with it.

Baoneng was not available for comment. But a source close to Chery confirmed to Chinese news website Jiemian that Baoneng will acquire the equity that Chery wants to sell. The transfer is likely to start in late November, and Baoneng has become well prepared financially, with an initial fund of 3 billion yuan already in place, said the source.

Based in Guangzhou, capital of South China's Guangdong province, Ehang was created in 2014, and has been described as "a leader" in the drone-taxi industry with its autonomous aerial vehicle Ehang 184 series.

Bank of Jinzhou Co Ltd, a troubled city commercial lender whose risks were exposed last year, published its delayed 2019 results on June 26. It posted a narrower net loss of 1.11 billion yuan last year, compared with a loss of 4.54 billion yuan in 2018.