I would agree - anyone that has the opportunity should sit in a class or at the minimum, observe an on-line class at a Stanford, MIT, or Harvard (example - Michael Porter's classes). The students make the class very intimidating due to their expertise and preparation for each case study or class. The problem in China is that this is not the culture - regardless if it is HKUST, CEIBS, or Tsinghua. Classes are more lecture formats. Many MBAs in the United States top 20 do not carry this environment as well.

If the goal of the MBA is building a Chinese network and improving financial skills, this should not be a big concern.

However, there is a caveat. If you really want to be intimidated, take a class in Chinese at the Tsinghua MBA and you come close to the level of HArvard and Stanford. The professors who lecture in Chinese at this school are the country's best and smartest - as they daily advise government officials on some of the world's most important issues. The English MBA there allows you to take classes in Chinese. Thus, those with Chinese background (or an undergrad in Chinese language) stand to gain the most by attending Chinese programs. For non-Chinese, getting your Chinese to graduate level classes will take 3 to 4 years if you have not studied at all. This assumes the professor allows you to hand in assignments in English.

Here's a ranking of the most popular MBA programs in Asia:
http://www.find-mba.com/most-popular/asia

University of Malaya is "more popular" than INSEAD and ISB? Uh, ok.

I was suprised to see some Malaysian schools on top of that list, too. Any reason for that? I don't think many international applicants consider Malaysia as an MBA destination.

The reason? Uh, I dunno. Maybe demand in Malaysia for a local MBA is high. I don't know of any Malaysian business school that would resonate in Europe or North America (doesn't mean there aren't any).

what about the IIMs?

tokyo unversity is an excellent れ choice　but　for珍 overall hkust is the best and most reputed program in asia

I did not know that there's an MBA at Tokyo University.

me neither.
I do know there is a mba program within Kyoto University.
But while there MBAs are not valued in their university's home country, how can anybody expect Japan-made MBAs can be respected anywhere in other places.