In fact, the Chinese government has long banned it. Since the end of last year, the Chinese government has banned all Ico projects in China, but many investors continue to invest in the ico project through third parties.
as far as I know, only major investors continue to invest, but minor wouldn't even consider any kind of investment. That's why we see a rapid decrease in the amount of investment. Before that, projects could reach their soft or even hardcap vie crowdsale, without any funds or pools, but now it's impossible for 99% of the projects.