No they will not. Most other countries are likely to follow the same course of action or at least put some form of regulation on ICOs. Most ICOs are garbage altcoins to begin with so there isn't anything to take advantage of.
I think China being a major player in bitcoin and they were the early adopter to bitcoin . So this effect would definitely means other country will be thinking is ICO legal? What if the companies raised the capital and went burst or run away. Who will pay to those innocent investors? If any such case is reported government will ban an ICO straight away as they do not have any rights to ask for money for their coins ill the time it is not being regulated.