Though truly profitable, ICOs are considered scams by many but there are few that are truly legitimate. Just the right choice for China because these ICOs are targeting the people of their country because there are many crypto currency investors in China.
Unless it has long term success, ICOs are only profitable to early adopters (if the token is not launched below the ICO price, of course...) and a few other investors who buy before the pump.
The point is, it's not hard to understand that most ICOs will not have long term success, and many people will have to learn the hard way.