It's a lot more than just banning ICOs - they also have exchanges shutting down. In Russia the government hs said you need to buy crytopcurrency through official bank run exchanges - presumably so it can be tracked.
However all this FUD has created a nice slump in all the markets - including ETH and BTC, not just ICOs. One could imagine that in China they will soon announce some different policy and prices will recover. Which gives a bunch of party officials and elites "in the know" a great opportunity to have bought low and sell high.
Wasn't it the great financial sage Donald J. Trump who said he would label China a currency manipulator on day one (but never did), why would we doubt for a second they are manipulating the cryptocurrency markets for their own good?
So my prediction - China embrace crypto fulling within the year and people will be buying BTC, ETH, NEO, and all the ICOs freely again.