...
Pretty much every single ICO token can be classified as a "security", if it represents a share of a network.
Your opinion is pretty much in line with what the chairman of the
CTFC testified in the senate hearing during this week. He said something
along the lines of "I´ve yet to see an ICO that is not a security".
I have to admit that ICOs were a clever workaround for the excessive
regulations that surround fundraising of any kind. However, regulators are
now aware of this and they will render regulations for this industry now.
Hong Kong is just following what other countries already did (e.g. South Korea).