According to
https://t.me/oneminute_crypto_news which translated the source from Sina, a Chinese media website, that in a conference held by Chinese official web media, People's Web, a famous scholar Dong Yang released that Chinese SEC is conducting the legal research to legalize the ICO and the ICO will become a legit tool of crowdfunding soon.
I agreed that Dong Yang is not a high-level official and he is a professor at Renmin University who is active in the crypto space. I think the focus of the news should be:
1. The Chinese SEC is revisiting the crowdfunding tool;
2. The so-call legit ICO may actually become a tool with heavy regulation in the cryptocurrency space.
So, please wait and see.
I still doubt the intention of Chinese officials when it comes to cryptos. China has already listed themselves as a crypto haters country by closing and cracking down all crypto related operations. But if it happens, we will see a huge influx of Chinese money in to the crypto space again as well as we will see an influx of Chinese hackers and extortionist groups. While the incoming money will be healthy for the crypto market, but they have a tendency to claim monopoly on almost everything, so I don't know how good it will be in future.