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3w ago

Wells Fargo Executive Chenyue Mao Returns to U.S. After China Lifts Exit Ban

Beijing maintains the restriction was tied to a criminal investigation, leaving any connection to separate TikTok negotiations unverified.

A sign is posted in front of a Wells Fargo bank office in San Rafael, California, on April 11, 2025.
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Overview

  • A Wells Fargo spokesperson confirmed Mao, an Atlanta-based managing director, has left China and returned to the United States after months of being unable to depart.
  • Sources said the exit ban was lifted following contacts between U.S. and Chinese officials, with reports noting the timing alongside a Madrid deal to shift TikTok to U.S.-controlled ownership without confirming a link.
  • China’s Foreign Ministry has said Mao was required to cooperate in a criminal case and reiterated that such matters are handled under domestic law.
  • Mao leads Wells Fargo’s international factoring business and was recently elected chairwoman of FCI, adding prominence to the case.
  • Her detention revived concerns among business groups and diplomats about the risks of opaque exit restrictions, and some companies have curtailed or adjusted China travel policies.