Meng, 46 - daughter of the Chinese electronics telecoms giant's founder Ren Zhengfei - was arrested between flights at Vancouver airport on December 1.
Huawei, which has confirmed Meng was arrested, said on Wednesday that "the company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng".
The arrest was made at Washington's request as part of a US investigation of an alleged scheme to use the global banking system to evade USA sanctions against Iran, according to people familiar with the probe. She would also have to give up her passport, he said.
If Meng fights extradition, her case could go on for years, lawyers said, pointing to examples like Lai Changxing, a Chinese businessman who fled to Canada after he was implicated in a bribery case and fought extradition to China for 12 years.
The fact that the arrest took place in Canada at the behest of the USA authorities and not on U.S. soil also has implications for relations between China and United States allies, particularly those in the five eyes group - Canada, UK, Australia and New Zealand.
He said Meng would likely be returned to detention if there was no decision on bail.
Though China's technology sector is still reliant on certain U.S. exports like microchips, Beijing wants to transform the country into a global tech leader - with a technological prowess rivalling the United States - in a plan dubbed "Made in China 2025".
Meng Wanzhou is not just a high-profile senior executive of China's and one of the world's largest telecommunications equipment manufacturers.
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Liu Weidong, a China-US affairs expert from the Chinese Academy of Social Sciences, told the South China Morning Post: "We'll see more cases like this over the next three months, sanctioning China's state-owned enterprises and individuals, to boost momentum on the US side".
Australia, New Zealand and Britain have followed suit this year by rejecting some of the company's services over security concerns.
On the trade front, analysts have been quick to point out the detrimental effect this latest development concerning Huawei and China could have on technology businesses throughout the world.
Since news of the arrest came to light earlier this week, already shaky USA markets have been in a tailspin.
But CNN, quoting an unnamed official, said that the United States saw the arrest as providing leverage in trade talks.
Canada's Prime Minister Justin Trudeau also said he had prior knowledge of the country's authorities' plans to arrest Meng Wanzhou but hadn't taken part in the decision-making process.
In a separate editorial the newspaper warned that "a stand off will be hard to avoid" if the U.S. rebuilds an global order that seeks to exclude China.
McLeod told Business Insider that Canada could not provide more details about the arrest as there "is a publication ban in effect" that was "sought by Ms. Meng".