The Chinese government has placed an exit ban on FCI chair and Wells Fargo banker Chenyue Mao after she travelled to the country on business.
Mao was elected as FCI chair last month at the global factoring association’s annual meeting, and previously served as its vice-chair.
She is a managing director at Wells Fargo and spearheads the bank’s international factoring business, according to FCI’s website.
A Wells Fargo spokesperson said on July 17: “We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible.”
Wells Fargo has since suspended staff travel to China, US media outlets reported.
The Chinese foreign ministry confirmed the exit ban on July 21, several days after it was first reported by the Wall Street Journal.
Foreign ministry spokesperson Guo Jiakun said Mao “is involved in a criminal case currently being handled by Chinese law enforcement authorities and is subject to exit restrictions in accordance with the law”.
Mao cannot leave the country while the investigation is ongoing but authorities will protect her “lawful rights and interests” during the probe, Jiakun added.
Beijing has previously banned foreign business executives from leaving the country for a variety of reasons, including business disputes and investigations.
The practice has been a source of tension with the US. In a November 2024 travel advisory, the US State Department warned travellers to exercise “increased caution” when travelling to mainland China because the government “arbitrarily enforces local laws, including exit bans on US citizens and citizens of other countries, without fair and transparent process under the law”.
The advisory adds that exit bans have been used to “pressure family members of the restricted individual to return to [China] from abroad” and “gain bargaining leverage over foreign governments”.
Mao was born in Shanghai and is now based in Atlanta, according to FCI.
In a June 25 statement announcing Mao’s election as chair, FCI said the banker had led Wells Fargo’s global factoring franchise for the last 10 years.
Mao said in the statement that as chair, she would “harness FCI’s unrivalled network to broaden access to receivables finance, champion progressive regulation and spark the next wave of innovation in open-account solutions”.
“Together we will go far, amplifying member growth, elevating industry standards and empowering businesses in every market we touch.”
FCI did not respond to a request for comment from GTR.
This story was updated on July 22 to include the Chinese foreign ministry’s confirmation of the exit ban.
