The Chinese Visa expires on 17-01-2012 but will to apply a new one at HK Can it be apply & procedure

Yes, you can apply for a new visa in Hong Kong. Please submit visa application to Commissioner's Office of Foreign Affairs Ministry of P.R.China in Hong Kong:

Address
7th Floor, Lower Block, China Resources Building,
No.26, Harbor Road, Wanchai, Hong Kong SAR

Office Hours
Monday to Friday (except Hong Kong public holidays,)
9:00-12:00 14:00-17:00

If you get a new visa before Jan 17, 2012, your old visa expires automatically. No two China visa can be valid at the same time.