Intense Market Competition and Pricing Pressure: The cloud computing market is highly competitive, dominated by large global players and domestic rivals, leading to pricing pressure and potential margin erosion for KC.

Regulatory and Geopolitical Risks: Operating in China involves evolving data privacy, cybersecurity, and foreign investment regulations. US-China tensions also pose risks like potential delisting from US exchanges or restrictions on technology access.

Dependence on Key Customers and Industries: A significant portion of KC's revenue might come from a limited number of large customers or specific industries (e.g., gaming, video, financial services), making it vulnerable to changes in their spending or business health.