Does the 144 hour visa free transit apply if I will be going from Shanghai to Hong Kong?

I was wondering if the 144 hour visa free transit applies to my situation. I wish to travel From the U.S. to Shanghai to visit the new Disneyland for two days. I will then be traveling from Shanghai to Hong Kong for two days for Hong Kong Disneyland. From there I will go to Tokyo Disneyland then back to the U.S.