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.
This might not be happening in the near future,as we all know china has illegalized bitcoin from the last year that is why it wont going to happen not unless theres some good reason why would they legalize it,we should see bitcoin's adoption in other countries when this is going to happen as china has the biggest mining farms in the world.