logo
China bans Wells Fargo banker from leaving the country

China bans Wells Fargo banker from leaving the country

CNN6 days ago
An Atlanta-based banker working for Wells Fargo has been prevented from leaving China, the latest incident that threatens to amplify concerns among Western executives about the potential consequences of visiting the world's second-biggest economy.
Chinese authorities said Monday the exit ban placed on Wells Fargo executive Chenyue Mao is part of a criminal investigation.
'Ms. Mao Chenyue is involved in a criminal case being handled by Chinese authorities, who have lawfully imposed exit restrictions on her,' Guo Jiakun, a spokesperson for the Chinese Ministry of Foreign Affairs, said Monday following a regular press conference.
It's not clear the target of the criminal case, nor how Mao is believed to be linked to it.
'According to Chinese law, the case is under investigation, and Ms. Mao is temporarily unable to leave the country and is obligated to cooperate with the investigation,' the spokesperson for China's Ministry of Foreign Affairs said. 'During the investigation, the authorities will ensure that her legal rights are protected.'
Mao has been employed by Wells Fargo since 2012, according to her LinkedIn profile.
Born in Shanghai and based in Atlanta, Mao leads Wells Fargo's international factoring business and advises multinational companies on cross-border capital strategies, according to FCI, a global network of companies formerly known as the Factors Chain International. Mao was recently elected to be the chairwoman of FCI.
'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 told CNN in a statement.
Wells Fargo has since suspended all travel to China, according to The Wall Street Journal, which first reported news of Mao being blocked from leaving the country. The bank declined to comment further on the incident.
An automated response on Monday from Mao's email indicates she is overseas.
'Traveling international on business with time difference, may delay in responses, will respond as soon as I'm able to,' the automated response said.
News of the exit ban placed on the Wells Fargo banker comes as a Chinese American man working for the Commerce Department has been prevented from leaving the country, according to the Washington Post.
The Commerce Department employee, working in the agency's Patent and Trademark Office, was visiting family in China several months ago and failed to disclose on his visa application that he worked for the US government, the Post reported.
The Commerce Department referred CNN's inquiries to the US State Department. The State Department did not respond to a request for comment on the Commerce employee or the Wells Fargo banker.
The State Department currently has a 'level 2' travel advisory for China, indicating Americans should 'exercise increased caution' when traveling to Mainland China due to 'arbitrary enforcement of local laws, including in relation to exit bans.'
The incidents are likely to raise concern in C-Suites and among boards of directors about the risks of visiting China.
'This has everyone jittery again, nervous about traveling,' Sam Stein, president of the US-China Business Council, told CNN in a phone interview on Monday.
Stein, who previously worked as a US diplomat in China and advised companies on China matters at the law firm Covington and Burling, said Western companies are often in the dark about the reasons behind exit bans imposed by China.
'This could have a chilling effect on executive travel to China – unless China can be more transparent,' Stein said. 'China has a small window. Now is the time to come out and explain the circumstances where someone can be placed on an exit ban. China really needs to step up.'
Jiakun, the Chinese Ministry of Finance spokesperson, stressed that both Chinese citizens and foreigners 'must abide by' Chinese law while inside the country.
'This is an individual judicial case, and China will continue to welcome people from all countries to visit and do business, while upholding their rights in accordance with the law,' the spokesperson said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GTJAI Achieved "Carbon Neutrality" at Operational Level for the Third Consecutive Year
GTJAI Achieved "Carbon Neutrality" at Operational Level for the Third Consecutive Year

Yahoo

time24 minutes ago

  • Yahoo

GTJAI Achieved "Carbon Neutrality" at Operational Level for the Third Consecutive Year

HONG KONG, July 28, 2025--(BUSINESS WIRE)--Guotai Junan International Holdings Limited ("GTJAI" or the "Company", stock code: a company of Guotai Haitong Group, is pleased to announce that while actively saving energy and reducing emissions, it has successfully offset its Scope 1 and Scope 2 carbon emissions totaling 609.29 tons of carbon dioxide equivalent for the year 2024 by subscribing to the carbon credits issued under the international Verified Carbon Standard (VCS). This marks the third consecutive year that GTJAI has achieved "carbon neutrality" at the operational level, demonstrating the Company's leading practice and commitment to green operation. The carbon credits come from "Guoluo Grassland Sustainable Management Project" located in Guoluo Tibetan Autonomous Prefecture, Qinghai Province, China. It is dedicated to the restoration of degraded grassland ecosystems, based on the holistic nature of the ecosystems, in line with the concept of ecological civilization construction, and to effectively respond to the challenges of climate change. The project is also the first grassland carbon project in China receiving both VCS certification and the Climate, Community and Biodiversity Standards (CCB) - CCB-Biodiversity Gold Level certification. In recent years, GTJAI has been continuously reducing its operational carbon footprint through systematic energy saving and emission reduction initiatives, which is the core support for the achievement of "carbon neutrality", including vigorously implementing energy-saving renovation of office space, deepening digitalization and paperless transformation, and implementing stringent waste management (100% safe recycling of hazardous waste by 2024). Solid internal emission reduction efforts, combined with carbon offsetting through high-quality carbon credits, enabled the Company to achieve "carbon neutrality" at the operational level. Adhering to the core philosophy of "finance for the country, finance for the people, finance for the good", GTJAI has always placed sustainable development at the core of its corporate strategy. The Company is committed to supporting the real economy through financial services while facilitating the green transformation of its corporate clients. In 2024, the Company successfully completed 90 sustainable finance projects covering green bonds, sustainable bonds and green sector IPOs with a total issuance volume of HK$179.8 billion, significantly broadening the financing pipeline for the green industry. Meanwhile, the private equity sector is actively engaged in the sustainability sector, with more than half of its investments focusing on ESG-related industries. Looking ahead, GTJAI will deepen the level of ESG governance, fully integrate ESG factors into its operations and management processes, further leverage its professional strengths and enhance the level of green financial services capabilities. Through innovative products and services, GTJAI will proactively contribute to the realization of the country's "dual carbon" goal and promote the high-quality development of the economy and society. About GTJAI Guotai Junan International ("GTJAI", Stock Code: a company of Guotai Haitong Group, is the market leader and first mover for internationalization of Chinese Securities Company as well as the first Chinese securities broker listed on the Main Board of The Hong Kong Stock Exchange through initial public offering. Based in Hong Kong with subsidiaries in Singapore, Vietnam and Macau, GTJAI's business covers major markets around the world, offering high-quality and diversified comprehensive financial services for clients' overseas asset allocation. Core business includes brokerage, corporate finance, asset management, loans and financing, financial products, which cover three dimensions including individual finance (wealth management), institutional finance (institutional investor services and corporate finance) and investment management. GTJAI has been assigned "Baa2" and "BBB+" long term issuer rating from Moody and Standard & Poor respectively, as well as an MSCI ESG "A" rating, Wind ESG "A" rating and SynTao Green Finance "A" rating in ESG. Additionally, its S&P Global ESG score leads 84% of its global peers. The controlling shareholder, Guotai Haitong Securities (Stock Code: is the comprehensive financial provider with a long-term, sustainable and overall leading position in the China's capital markets. For more information about GTJAI, please visit View source version on Contacts ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal
Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal

Yahoo

time24 minutes ago

  • Yahoo

Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal

HONG KONG (AP) — A Hong Kong conglomerate that's selling ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more U.S. scrutiny to the geopolitically fraught deal. CK Hutchison Holdings' initial plan to sell its port assets to a group that includes U.S. investment firm BlackRock Inc. pleased President Donald Trump, who has alleged that China interferes with the critical shipping lane's operations in Panama. However, they apparently angered Beijing and drew a review from Chinese anti-monopoly authorities. A Beijing-backed newspaper posted scathing commentaries about the deal, with one describing it as a betrayal of all Chinese. Beijing's offices overseeing Hong Kong affairs have reposted some of these commentaries, widely seen as an indication of Chinese leaders' stance. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. After months of uncertainty brought by tensions between Washington and Beijing, Hutchison said in a statement that the exclusive negotiations period with the consortium has expired. However, it added 'the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium,' referring to the People's Republic of China. It said they needed to change the membership of the consortium and the structure of the transaction for the deal to be able to pass reviews by 'all relevant authorities." The awkward position Hutchison found itself in for months highlights the challenges Hong Kong business elites face in navigating Beijing's expectations of national loyalty, especially when relations between China and the United States are strained. Hong Kong has overhauled its electoral system to ensure the city is run by 'patriots.' CK Hutchison is owned by the family of Hong Kong's richest man, Li Ka-shing. It announced March 4 that it would sell all its shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium that also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. In May, Hutchinson co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte, whose family reportedly has a longstanding relationship with Li's. The initial deal, valued at nearly $23 billion including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. The deadline for their exclusive negotiation period ended on July 27. Kanis Leung, The Associated Press

Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal
Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal

Associated Press

time26 minutes ago

  • Associated Press

Hong Kong's CK Hutchison seeks Chinese investor to join Panama Ports deal

HONG KONG (AP) — A Hong Kong conglomerate that's selling ports at the Panama Canal said Monday it may seek a Chinese investor to join a consortium of buyers, a move that could please Beijing but bring more U.S. scrutiny to the geopolitically fraught deal. CK Hutchison Holdings' initial plan to sell its port assets to a group that includes U.S. investment firm BlackRock Inc. pleased President Donald Trump, who has alleged that China interferes with the critical shipping lane's operations in Panama. However, they apparently angered Beijing and drew a review from Chinese anti-monopoly authorities. A Beijing-backed newspaper posted scathing commentaries about the deal, with one describing it as a betrayal of all Chinese. Beijing's offices overseeing Hong Kong affairs have reposted some of these commentaries, widely seen as an indication of Chinese leaders' stance. A Hutchison subsidiary has operated ports at both ends of the Panama Canal since 1997. After months of uncertainty brought by tensions between Washington and Beijing, Hutchison said in a statement that the exclusive negotiations period with the consortium has expired. However, it added 'the Group remains in discussions with members of the consortium with a view to inviting major strategic investor from the PRC to join as a significant member of the consortium,' referring to the People's Republic of China. It said they needed to change the membership of the consortium and the structure of the transaction for the deal to be able to pass reviews by 'all relevant authorities.' The awkward position Hutchison found itself in for months highlights the challenges Hong Kong business elites face in navigating Beijing's expectations of national loyalty, especially when relations between China and the United States are strained. Hong Kong has overhauled its electoral system to ensure the city is run by 'patriots.' CK Hutchison is owned by the family of Hong Kong's richest man, Li Ka-shing. It announced March 4 that it would sell all its shares in Hutchison Port Holdings and in Hutchison Port Group Holdings to the consortium that also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. In May, Hutchinson co-managing director, Dominic Lai told shareholders that Terminal Investment was the main investor. Its parent company is led by Italian shipping scion Diego Aponte, whose family reportedly has a longstanding relationship with Li's. The initial deal, valued at nearly $23 billion including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the canal. That agreement also required approval from Panama's government. The deadline for their exclusive negotiation period ended on July 27.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store