China people very smart. If block ICO in their country. They can hire foreign people to hold ICO. nothing can stop them!
I agree with you . Nothing can stop China at this time because they own a lot of Bitcoin and to organize an ICO is very easy for them but they will invest a lot on that ICO system that succeeds.
How can block the ICO? All investments go through the crypto currency.
And it is not possible to block the crypto currency.
Therefore, all efforts of the Chinese government will be in vain.