2 stopovers - Hong Kong and Shanghai - Visa requirements?

What is the requirement if you as a Schengen citizen fly from Stockholm to Hong Kong, stay app. 50 hrs, continue to Taipei for a couple of days and then fly to Shanghai for another 50 hrs before flying directly back to Sweden? Based om my understaning, Hong Kong is free entry and Shanghai may be visited within the 72 h transit rule, i e we do not have to apply for entry permit before hand. Correct interpretation? Purpose of visit tourism.

Thanks!