Malaysia listed "red" chips all in the red

The Edge Malaysia published a list of the China-based companies listed on Bursa Malaysia. I will only mention one number per company, the price change of the current price versus its IPO price:

XiDelang Holdings                       -52%
K-Star Sports                           -83%
XingQuan International Sports Holdings  -48%
Maxwell International Holdings          -43%
Multi Sports Holdings                   -68%
HB Global                               -66%
China Automobile Parts Holdings         -45%
China Ouhua Winery Holdings             -83%
China Stationary                        -59%

Average                                 -61%
 
A simply horrendous result, given that Bursa Malaysia's composite index is trading near it's all time high. An average loss of 61% means that the shares need to increase its prices by 156% to reach its IPO level, and even then investors would have had their opportunity cost.

• Why did Bursa Malaysia pursue its plan to list China-based companies? They must have noticed the poor results of China-based companies listed on the Singapore stock exchange.
• Why would any major shareholder of a Chinese company want to list its company at Bursa Malaysia, except possibly for the wrong reasons? I simply can't imagine a founder of a fundamentally sound China-based company wanting to list its company on Bursa, after seeing the above table.