Latest news with #ChenyueMao
HKFP
a day ago
- Business
- HKFP
US bank Wells Fargo employee blocked from leaving China: reports
US bank Wells Fargo told AFP Friday it was working to help one of its employees return to the United States, after reports they had been barred from leaving China. Multiple media outlets reported earlier Friday that the employee involved was Chenyue Mao, an Atlanta-based managing director who was born in Shanghai. Mao had entered the country in recent weeks but is now unable to leave, they said. '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,' the company told AFP when asked to confirm the reports. The company declined to give further details. The San Francisco-based bank is now restricting its employees from visiting China following this case, reports said. Beijing's foreign ministry spokesman Lin Jian said he was 'not familiar' with the specific case when asked about it at a news conference on Friday. 'China is a country governed by the rule of law. Whether a person is Chinese or foreign, in China both must respect China's laws,' Lin added. Global firms have faced an increasingly difficult business environment in China in recent years, industry groups say, citing a lack of transparency on data laws and prolonged detentions of employees in the country. A court in China sentenced a Japanese businessman from pharmaceutical company Astellas to three-and-a-half years in prison on Wednesday for spying. Pharmaceutical giant AstraZeneca in November said that the head of its China operations Leon Wang had been detained, after reports the firm was under investigation for potentially illegal data collection and drug imports. And in 2023 a senior executive at US risk advisory firm Kroll was prohibited from leaving China, the Wall Street Journal reported.
Axios
2 days ago
- Business
- Axios
China imposes "exit ban" on Wells Fargo executive, reports say
Wells Fargo has reportedly suspended business travel to China after one of its executives was barred from leaving the country. Why it matters: The episode could renew concerns among businesses about sending executives to China amid international tensions. Zoom in: Chenyue Mao, a Shanghai-born managing director in Wells Fargo's credit solutions division, was "blocked from leaving China after traveling there recently," WSJ first reported. The so-called "exit ban" prompted Wells Fargo to bar employees from heading to China until further notice, Reuters and FT reported. "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 said Friday in a statement. The big picture: "The case underscores multinational companies' fears about the risks of operating in China, especially in regard to staff safety and restrictions on movement," Bloomberg reported. "It could also further discourage corporate travel to the country and ratchet up tension between the world's two largest economies as they seek to hammer out a trade deal." Between the lines: "The vast majority of exit bans aren't imposed on people accused of crimes," WSJ reported. "Most bans have been slapped on people involved in civil litigations such as business disputes." They can last months or years as investigations unfold. A Chinese Foreign Ministry spokesman told WSJ he wasn't aware of the situation: "For anyone in China, whether Chinese or foreign, they need to abide by Chinese law."
Time of India
2 days ago
- Business
- Time of India
Wells Fargo suspends China travel
Wells Fargo suspended travel to China after one of its top trade financing bankers was blocked from leaving the country, the latest case of authorities imposing exit bans on staff of foreign firms. Chenyue Mao , an Atlanta-based managing director who was born in Shanghai, was banned from departing China after entering the country in recent weeks, according to a person with knowledge of the situation. That led the San Francisco-based bank to restrict its other employees from visiting China, said the person, who asked not to be identified discussing information. Explore courses from Top Institutes in Select a Course Category MCA PGDM Data Science Product Management healthcare Project Management Leadership CXO Operations Management Cybersecurity Data Analytics Healthcare Digital Marketing Data Science Degree MBA Technology Public Policy Artificial Intelligence Management Others Finance others Design Thinking Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details "We're closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," a Wells Fargo spokesperson said in an emailed statement. The case underscores multinational companies' fears about the risks of operating in China.
CNA
2 days ago
- Business
- CNA
Wells Fargo exit ban reignites foreign business fears in China
BEIJING: A travel ban imposed on a US Wells Fargo employee has raised fresh concerns among foreign firms about the risks of doing business in China, amid growing scrutiny of international companies and renewed fears of entanglement with Chinese authorities. The bank has suspended all staff travel to China after Shanghai-born Chenyue Mao, who leads its international factoring division, was blocked from leaving the country in recent weeks, according to the Wall Street Journal. Mao is a US citizen, a source told Reuters. Business groups, diplomats and foreign executives said the incident adds to a longstanding worry about China's use of so-called exit bans, especially troubling as Beijing attempts to attract foreign investment to support its slowing economy. 'Such stories can raise concerns of foreign businesses regarding travel to China,' said Jens Eskelund, president of the European Union Chamber of Commerce in China. 'At a time when China is proactively trying to attract foreign investment it sends something of a mixed signal.' US URGES CHINA TO LIFT BANS The US embassy in Beijing confirmed it had raised concerns with Chinese officials. 'We have urged them to immediately allow impacted US citizens to return home,' a spokesperson said. China's foreign ministry said it was not aware of the Wells Fargo matter, but added that the country remains committed to providing a welcoming environment for foreign businesses. The US State Department updated its travel advisory for mainland China in November 2024, warning citizens to 'exercise increased caution' due to 'arbitrary enforcement of local laws, including in relation to exit bans.' RISKS REMAIN FOR FOREIGN WORKERS A 2023 EU Chamber of Commerce survey found that 9% of respondents had difficulty attracting foreign talent to China due to concerns over personal safety, legal risks, and arbitrary enforcement. Four percent reported that employees had been unable to travel from China to headquarters due to exit bans. While there is no official data on exit bans, nonprofit Safeguard Defenders estimates that 'tens of thousands' of people, mostly Chinese nationals, are subject to such restrictions at any one time. A 2022 academic study found 128 cases involving foreigners between 1995 and 2019, including 29 Americans and 44 Canadians. About one-third were business-related. James Zimmerman, a lawyer in Beijing and former chairman of the American Chamber of Commerce in China, said exit bans are commonly used to prevent witnesses or suspects from leaving. While often legal, they are sometimes misused for political purposes, he said. 'There are procedures to have the bans lifted, but the lack of transparency and the absence of a workable bail system make it a slow and difficult process,' Zimmerman added. Executives from Nomura Holdings, UBS, and Kroll have previously been caught up in such cases. LOW RISK UNLESS TARGETED Some professionals say China travel is safer than in previous years. 'Unless your company has been specifically targeted by the state or a state-owned enterprise, risks are low,' said Benjamin Qiu, co-chair of the Asian Affairs Committee at the New York City Bar Association. However, Qiu noted that ethnic Chinese travellers may face greater scrutiny. A capital markets banker at a Western firm in Hong Kong said they hoped the Wells Fargo case would not signal a broader clampdown. 'We do so much business in China and travel there so much, we can't afford not to,' the banker said. 'I would hope this is just a one-off.'
San Francisco Chronicle
2 days ago
- Business
- San Francisco Chronicle
Wells Fargo employee barred from leaving China, prompting travel freeze
Wells Fargo has suspended all employee travel to China after one of its senior bankers was barred from leaving the country, according to a report from the Wall Street Journal. The employee, Chenyue Mao, a U.S. citizen and managing director at Wells Fargo, was prohibited from leaving after traveling to China on business in recent weeks, the report said. Wells Fargo confirmed the travel suspension and said it is working to secure Mao's return. '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,' the bank, which is headquartered in San Francisco, said in a statement to the Chronicle. Mao, who was born in Shanghai and is based in Atlanta, leads Wells Fargo's international factoring business and frequently works with Chinese firms in the trade finance sector, according to the WSJ report. A spokesperson for the Chinese Embassy told the New York Post that it was unaware of Mao's case. 'As principle, China always welcomes foreign citizens, including those of the United States, to come to China and guarantees their safety and legitimate rights and interests in China in accordance with the law, including freedom of entry and exit,' Liu Pengyu said. 'Meanwhile, foreign citizens in China should also respect and abide by Chinese laws.' In 2023, Charles Wang Zhonghe, a senior executive at Japanese-based financial services firm Nomura, was similarly barred from leaving China for nearly a year for an unspecified reason.
