Is $KWEB just a value trap now, or am I missing something significant?

Been watching $KWEB bounce around, and honestly, the recent move to 28.89 (from a low of 28.395 today) feels more like noise than a sign of a real turnaround. I know some folks are still pounding the table on Chinese tech being undervalued, a deep discount, blah blah. The narrative is always that 'it can't go lower,' but then it does. Is it truly a generational buying opportunity, or are we just watching capital slowly bleed out of a sector that's fundamentally constrained by state policy?

I just don't see the catalyst for a sustained breakout. The regulatory overhang isn't going away, and even if they ease up a bit, the trust factor for foreign investors is severely damaged. I'm open to being wrong, but the long-term charts on a lot of these names look like a slow grind down. What am I missing? Convince me this isn't just a value trap dressed up as a bargain. Push back.