Question:

You are a junior lawyer assisting in drafting the Risk Factors section of the prospectus for a major logistics company similar to SF Express. The company:

• Operates Asia's largest self-owned air cargo fleet

• Has extensive last-mile delivery networks across 15 Asian countries

• Provides integrated logistics solutions including cold chain, warehousing, and cross-border e-commerce fulfillment

• Employs over 200,000 delivery personnel, mostly through regional subsidiaries

• Is investing heavily in automation and robotics for warehouses

• Recently expanded into food delivery and community group buying services

• Operates both franchise and direct operation models in different regions

Task:

1. Identify and categorize key risk factors that should be disclosed

2. Consider both industry-specific and company-specific risks

3. Prioritize the risks based on materiality and likelihood

4. Consider recent market developments and their impact

Note: You should identify at least 4 key risk factor categories and provide specific examples relevant to the business model and operating environment.