Storage-themed exchange-traded funds (ETFs) saw a collective decline. As of the time of writing, the CSOP Hang Seng TECH Index Daily (2x) Leveraged Product (07709) fell 6.58% to HKD 90.62, while the CSOP Hang Seng TECH Index Daily (2x) Leveraged Product (07747) dropped 5.03% to HKD 139.7. On the news front, according to market media reports, South Korea's Presidential Office Policy Chief Kim Yong-pan proposed on May 12 local time the establishment of a "citizen dividend" mechanism to structurally redistribute excess profits generated by the AI industry to all citizens. The news quickly triggered market panic, with South Korea's KOSPI Composite Stock Price Index plunging as much as 5.1% during the session. Subsequently, Kim clarified to the media that the funding source would be "excess tax revenue" brought by the AI industry, rather than imposing a new windfall tax on corporate profits, which helped stabilize market sentiment. Franklin Templeton Institute Senior Investment Strategist Christy Tan noted in an interview that the proposal "signals Asian economies' desire to convey a sense of shared future in digitalization and AI," while also raising concerns among taxpayers about "whether the government or themselves will ultimately bear the cost."
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