to be eligible to list on a Chinese stock exchange, they need to...

to be eligible to list on a Chinese stock exchange, they need to have more than 3 holders holding 50% of the shares.

of course the owner want to remain in control. So no ways him and his family is going to give up holding less than 50% of the shares. Hence they cannot list on a Chinese exchange.

problem is: they come and list here on the ASX, without first learning the cultural and corporate governance requirement. However, this does not mean the company is crap or fraudulent or making a loss, in fact they are making good profit.. what they need is better PR and investor relation.