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.
The "soon" is something that have been paraded in the crypto space since last year and till today the "soon" has not happened. It is then safe to say that anything not from official source without a date attached to it is merely speculation. When Google's ban on crypto ad related contents was reported, a date was attached with reliable source this singular act made the reaction to the market price a genuine one which means when the ban takes effect it would be less harmful as against how it will be regarded as FUD if those two components are not there.
Whether they allow ICOs or not, its based on their own evaluation and there is no need for someone to rely on such information to change holding situation because of something that might or might not happen.