#10 - Wells Fargo Executive Barred from Leaving China Amid Growing Concerns Over Exit Bans

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China Confirms Exit Ban on U.S. Banker Amid Growing Use of Travel Restrictions

China’s Foreign Ministry has confirmed that Chenyue Mao, a senior managing director at Wells Fargo, is barred from leaving mainland China due to her involvement in a criminal investigation. This is Beijing’s first public acknowledgment of her exit ban, following reports that she had been stopped from departing after a recent business trip to China.

Mao, a Shanghai-born U.S. citizen and specialist in international trade financing, had traveled to China in June. She is also the newly elected chairwoman of FCI (Factors Chain International), a global association of factoring and trade finance firms. Although Chinese officials have not disclosed details about the alleged criminal case, they stated that Mao must remain in China to assist authorities with their investigation. Wells Fargo, in response, has suspended all employee travel to China.

While such restrictions are legal under Chinese law, the use of exit bans—especially on foreign business executives—has increased notably in recent years. These measures are often implemented without public charges or judicial transparency. Most are connected to civil litigation, business disputes, or regulatory probes, though some appear intended to create geopolitical leverage or discourage dissent.

Other recent cases highlight this trend. In late 2023, Charles Wang Zhonghe, a senior executive at Nomura, was temporarily unable to leave mainland China following a business trip. Michael Chan, an executive at Kroll and a Hong Kong passport holder, was similarly restricted in September 2023 due to an older legal case. As of mid-2025, Chan remains unable to leave.

These high-profile restrictions have sparked caution among multinationals. Companies such as Wells Fargo are not only suspending travel but also reconsidering how and when their staff enter China—sometimes recommending group entry only or implementing new legal and risk protocols. Concerns extend beyond isolated cases and now form part of a broader recalibration of global firms’ exposure to Chinese regulatory unpredictability.

The U.S. Embassy commented that “the Chinese government has, for many years, imposed exit bans on U.S. citizens and other foreign nationals in China, often without a clear and transparent judicial process.” While Chinese officials assert that such measures are lawful and necessary to uphold domestic legal standards, they have become a growing flashpoint in U.S.-China business and diplomatic relations.

According to Foreign Ministry spokesman Guo Jiakun, “Whether one is Chinese or a foreigner, in China they must abide by Chinese laws.” He added that China continues to welcome lawful business activity and will safeguard the rights of foreign travelers under its jurisdiction.

Source: The Wall Street Journal (July 21–22, 2025 print and digital editions)