Many of these smaller local (as in North Point, SSP, Sheung Wan, Wan Chai, etc) are trying to capture fortune with the fame of their M star.

When Michelin first started this there were many well earn stars by these local ma and pa or family shops. The original SSP THW was an example. Now there are over 20 THW spread out all over SE Asia, many in the high rent district (Singapore and Manila).

There were many from the original list who are no longer in business due to not being able to keep up with the new found popularity and/or greed by owners/landlord.

A good example is 13offal who closed shop rather than ceding to the demand of their greedy landlord.