BEIJING—China issued an ultimatum to Canada, demanding the immediate release of Huawei Technologies Co.’s finance chief or face unspecified “severe consequences.”

Chinese Vice Foreign Minister Le Yucheng summoned Canada’s ambassador to Beijing, John McCallum, on Saturday to deliver the warning, according to a statement from the Chinese Foreign Ministry.

The statement doesn’t mention the name of Huawei’s chief financial officer, Meng Wanzhou, though it refers to a Huawei “principal” taken into custody at U.S. request while changing planes in Vancouver, as was Ms. Meng. The statement accuses Canada of “severely violating the legal, legitimate rights of a Chinese citizen” and demands the person’s release.

“Otherwise there will be severe consequences, and Canada must bear the full responsibility,” said the statement, which was posted online late Saturday.

A spokesman for Canadian Foreign Minister Chrystia Freeland declined to comment on Saturday, and instead referred to remarks Ms. Freeland made to reporters on Friday.