New York to Hong Kong to Shanghai back to Hong kong. Is that good for 144 hour visa free. thanks.

Nope. HK - SH - HK is not eligible for the 144-hour visa-free transit. Change your flight like: NY - SH - HK or HK - SH - NY, or you have to apply for a Chinese visa in advance.

As mentioned by Lily, you have so many options to make your itinerary eligible for 144 hour visa free transit.

Since you, obviously, plan to buy New York - Hong Kong return ticket, then the best option would be to fly from Hong Kong to Shanghai and after your stay in Shanghai to fly Shanghai - Macau.

Like this, your itinerary becomes eligible for 144 hour visa free transit and Hong Kong and Macau are so close one to each other. Just a short ride by bus od ferry...