"Chaoji" literally means "super class" but it's commonly used to mean "super" in Chinese. The same characters are used in "supermarket". Maliou" is the closest Chinese characters that they can find that matches the sound of "Mario". You could always pick your own characters and no one would mind as long as it sounded right. But, since this is common, that's what it is referred to as.
Long before the Japanese made up their own character set of Hiragana and Katakana, they also used a similar system to "Kanji-nize" foreign names. In fact, some Japanese still use those names. e.g. America, Amerika (Katakana), Beikoku (Kanji).
Anyway, I wonder how these games will do in China. Not only are they old as GBA releases but they're basically re-makes of old SNES games... I don't think they'll really sell that well to be honest.