On Monday, China announced that Cheney Mao, the Atlanta-based managing director of Wells Fargo and originally from Shanghai, was barred from leaving the country due to his involvement in a criminal investigation. Guo Zi-Kun, a provincial spokesman, explained that Mao was required to comply with legal obligations related to the ongoing lawsuit.
During a press briefing, Guo emphasized that everyone in China, regardless of nationality, must follow Chinese law. As a precaution, Wells Fargo swiftly prohibited all business trips to China. A spokesperson for the bank mentioned they are closely monitoring the situation to ensure employees can return to the U.S. through appropriate channels.
The U.S. Embassy in Beijing didn’t provide specific comments on Mao’s case but expressed concerns to Chinese authorities about exit bans and how they affect bilateral relations, urging for the safe return of affected U.S. citizens.
Mao’s situation along with other exit bans on foreigners has raised alarms among international businesses operating in China. In a separate case, a U.S. Commerce Department employee facing a similar ban reportedly failed to disclose his government job in his visa application while visiting family in China.
Guo mentioned he couldn’t share details regarding U.S. officials involved in such cases. Meanwhile, it’s been reported that a Beijing court sentenced Japanese executives to over three years in prison for spying.
Mao was taken into custody in 2023, amid growing concerns over the increasing frequency of exit bans in China. This strategy has often been viewed as a way to intimidate businesses and influence foreign governments. As sources noted, there’s particular anxiety among naturalized American citizens who, like Mao, were born in China, since the Chinese government sometimes regards them as Chinese nationals.
Since joining Wells Fargo in 2012, Mao has focused on international factoring, a financial process that allows companies to convert unpaid invoices into immediate cash. She recently became the chair of the FCI, formerly known as Factor Chain International, and announced her new role on LinkedIn.
Eric Chang, the chairman of the U.S. Chamber of Commerce in Shanghai, requested further information regarding Mao’s case to provide some reassurance to the foreign business community. In light of these incidents, several Japanese firms have already limited travel to China and pulled their employees’ families from the country, while other international companies have implemented policies discouraging solo business trips to China.
