Wells Fargo Banker Barred in China for Months Returns to U.S. After Exit Ban Lifted

A Wells Fargo managing director who had been barred from leaving China for months has returned to the United States after Chinese authorities lifted the restriction, a company spokesperson confirmed to The Post.

Chenyue Mao, an Atlanta-based managing director at Wells Fargo who was traveling in China for business, departed the country after the exit ban was lifted, several news outlets reported. The Washington Post reported that the restriction was removed following talks this week between U.S. and Chinese officials in Madrid, though it was not clear whether Mao’s case was discussed during those negotiations.

China’s Foreign Ministry said in July that Mao, who was born in Shanghai and is a U.S. citizen, had been blocked from leaving the country because of alleged involvement in a criminal case and an ongoing investigation. Wells Fargo declined to provide further details about the matter, and the White House and China’s Foreign Ministry did not immediately respond to requests for comment.

Mao, who joined Wells Fargo in 2012, specializes in international factoring, a financial service that allows companies to sell unpaid invoices to third-party firms for immediate cash. The Wall Street Journal reported that she worked with Chinese companies and industry groups on international factoring and frequently traveled to China on business. Shortly before the trip that led to the travel restriction, Mao attended an industry conference in Brazil where she was named chairwoman of FCI, formerly Factors Chain International.

Exit bans have become a more frequent risk for expatriates and foreign businesspeople in China, Reuters noted, with some individuals only learning of a restriction when they attempt to leave the country. Analysts and business groups have described such measures as tools Beijing can use to exert leverage in commercial disputes or broader diplomatic frictions.

Wells Fargo’s footprint in China is relatively small compared with other Wall Street banks. Business records viewed by Reuters show the firm employed about 63 people across its Shanghai and Beijing branches as of 2024. The monthslong ban on Mao's travel prompted some companies to review China travel policies and, in some cases, to cancel planned trips or discourage employees from traveling there alone.

There have been other recent high-profile cases of foreign or foreign-based professionals restricted from leaving China. In March, authorities released employees of Mintz Group, a New York-based corporate due diligence firm, who had been blocked from leaving China for two years. In 2023, Charles Wang Zhonghe, a senior banker at Nomura, was banned from leaving mainland China after a business trip and later returned to Hong Kong.

It remains unclear whether Mao’s detention and release were part of a broader package of issues discussed between U.S. and Chinese officials during the Madrid meetings. Media reports said those talks coincided with negotiations over several trade and technology issues, including reports of an agreement affecting the ownership and operation of TikTok in the United States. Company officials and government spokespeople did not confirm a connection between the diplomat-level discussions and Mao’s exit.

Wells Fargo did not comment on whether the bank or U.S. officials had advocated for Mao’s release. The firm said only that she has left China and declined to provide additional information. The case underscores the continuing legal and operational risks that international companies and their employees face when doing business in China amid heightened geopolitical tensions.