2 Free Transits in 2 Weeks? EU->SHA->HKG->SHA->EU

Hi,
I'm planning to fly to Shanghai in December this year, since I will need to fly to Hongkong in the middle of my trip. I'm wondering if it is possible to go with the free transit instead of a multiple entry visa.
I'll be in Shanghai/Hangzhou for 5 days than head to Hongkong for 3 nights and then back in Shanghai/Hangzhou for another 4 days.
Is that possible?

Possibly I'll apply for another shortterm visa for the pearl delta area (Guangzou, Shenzhen) if that is feasible too.