Yes, Hong Kong is quite efficient, and so long as you have an hour there you should be fine, especially if your flight to Qingdoa is with Cathay/Dragonair. The difficult that some of my colleagues have (the ones that check in luggage I should say) only have a problem if there is a tight connection, you make the connection but the bag does not. If you are staying at a hotel near the airport then delayed luggage will get to you fine, if you are out in the sticks then frankly you may as well leave it at the airport and collect it yourself, or leave it for your return journey.