On June 23, the South Korean stock market faced heavy selling pressure, with the KOSPI index plummeting by 9.99%, marking the largest drop in three months; Samsung Electronics and SK Hynix both fell over 12%. Concerns that the recent rally had become overstretched and intensified selling of leading chip stocks contributed to the downturn. Additionally, a widely circulated 'Korean essay' on social media has been cited as one of the catalysts for retail investor panic. The report, attributed to the Korea News Agency, claims that lawmakers from both the ruling and opposition parties are jointly proposing radical tax reforms, intending to classify unrealized gains from investments in real estate and stocks as personal income subject to comprehensive taxation. It asserts that 'even without selling assets, taxes should be levied on the net increase in net assets.' Analysts point out that the South Korean stock market has recently accumulated significant profits due to the AI chip boom and is currently in a sensitive high position. In the context of recent warnings from regulatory authorities against excessive leverage, the effects of such policy-related 'essays' can often be amplified, accelerating a technical deep adjustment in the bullish market of Korean stocks.