I remember during my childhood days we, the children, must not sleep until after midnight and after praying to receive the new year. This was for our parents longevity - that's what we were told. Or maybe to keep us awake to help in our parents' preparation to receive the new year. My parents belong to the Baba Nonya era. There were many customs and traditions to follow.
I do not follow any now and as time goes on all customs and beliefs will be forgotten eventually.