ICOs will be re-instated, they will most likely run off of NEO platform as they have been working with the regulator. After the election this month expect to see a lot more china crypto-currency news, most likely re-instated platforms.
They like to put rules and orders on things and let the people decide whether or not it should stay there, they are likely to remove their ban when they realize Bitcoin is not going anywhere.
I think the ico ban will continue, but the regulation to crypto market will be more smooth then we predicted since the government do not want to loss that future market.