I do think the China will ban all the ICO project, they just want to stop the ico scam, since there is too easy to raise a lot of money with just some whitepaper and some "famous" advisors, it is not a good signal to ICO market in my opinion.
china want control their money so much. i dont think its is the right thing to do. what they should do is make a regulation so the cryptocurrency could be use in appropriate way not just take a short cut and band all the ico to raise and distrup the virtual economic.