Oriental Yuhong, a Chinese A-share listed company, has reported a suspected telecom fraud case involving its U.S. subsidiary, with losses amounting to approximately $1.72 million (RMB 12.12 million).
On the evening of December 23, Oriental Yuhong disclosed in an announcement that its wholly-owned U.S. subsidiary, OYH Building Materials, was allegedly defrauded during a construction project payment process. Criminals hacked into the company's email system, impersonated the general contractor, and redirected funds.
Upon detecting the fraud, OYH Building Materials immediately filed reports with local law enforcement agencies—the Harris County Sheriff's Office and Woodstock Police Department—as well as the FBI's Houston field office. The company stated it is fully cooperating with authorities to minimize losses.
Oriental Yuhong emphasized this was an isolated incident that would not significantly impact normal operations. A special task force has been established to investigate, handle aftermath procedures, and strengthen risk controls. As the case remains under investigation, the final financial impact will be determined based on the outcome and accounting standards.
Founded in 1995 and listed in 2008, Oriental Yuhong—known as the "Waterproofing Leader"—has grown into a premier building materials solutions provider, with revenue reaching RMB 32.82 billion in 2023.
The company's Q3 2025 report showed mixed performance: while quarterly revenue rose 8.51% to RMB 7.03 billion, net profit declined 26.58% to RMB 245 million. For the first nine months, total revenue fell 5.06% to RMB 20.6 billion, with net profit down 36.61% at RMB 810 million.
Separately, Oriental Yuhong is expanding globally through its subsidiaries' planned $123 million acquisition of Chile's Construmart S.A., aiming to strengthen international retail channels and strategic positioning.
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