SYD-(QF)xCNS-(CX)xHKG-(CX)MXP//FCO-(BA)LHR//AMS-(BA)LHR-(MH)xKUL-(MH)SYD

Yes you can cannibalise your five stopovers as transits. According the the way I've written it out above you haven't exceeded the five stopover two transit two open jaw OW rule.

Using open jaws to backtrack somewhere twice may cause MPO systems to stuff up to the extent no agent may let you ticket. I've asked another FTer to see if this itin is the same as a problem he recently faced, see if he responds (he's away ATM).