Much to the chagrin of hopeful short sellers, momentum stocks and exchange traded funds are bouncing back, eating away at the steep losses incurred during the March/April swoon.

Chinese Internet stocks are participating in the momentum rebound trade as highlighted by the recent performance of the KraneShares CSI China Internet Fund (NasdaqGM: KWEB). KWEB’s net asset value surged 6.1% last month amid a spate of successful Chinese Internet initial public offerings and an earnest rebound for some momentum sectors. [China Internet ETF Soaring in May]

Like other ETFs with ties to Internet and social media stocks, KWEB was taken to task during the momentum sell-off. From its March peak to its May trough, the ETF tumbled 26.1%. However, KWEB has surged 10% in just the past month.

Over that time, KWEB is the best-performing China ETF, outpacing the largest China ETF, the iShares China Large-Cap ETF (NYSEArca: FXI), by 100 basis points.

Renewed ebullience toward Chinese Internet IPOs ahead of Alibaba’s listing, which could arrive in August, has been a positive catalyst for KWEB. Retail site JD.com (NasdaqGS: JD) raised $1.78 billion in May while social media firm Weibo (NasdaqGS: WB) raised $285.6 million in April, according to Bloomberg.

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