I did TPA-ORD-PVG-HKG on a single ticket last year. Flights operated by AA and CX.

In TPA, AAgent could tag my luggage to HKG, however she could only print TPA-ORD and ORD-PVG boarding passes for me. She said I had to get my last boarding pass in PVG.

Upon arrival in PVG, I wasn't sure if I had to clear immigration or not. I had the landing card ready in case. However, upon stepping out of the plane, I saw an AA/CX/KA transfers sign so I went to that desk which luckily was manned by one person. Showed my e-ticket and luggage tags and received my CX PVG-HKG boarding pass and lounge invite. I went through a back corridor and one flight of stairs up and arrived at departure security check (after immigration, before security). So I didn't have to clear immigration. My two checked luggages well arrived in HKG.

However, I take a couple HKG-PVG flights each year and each time I see the transfer desk being empty, so it does feel like PVG is not really made for International transfers. But maybe they only man it when there's an AA or *A arrival. Dunnoe.

I've checked back my ticket, I landed in PVG at 3:05pm. My CX scheduled departure was 5:25pm which made the transfer legal.

If you book a less than legal transfer time, then check-in agent will refuse to tag your luggage for sure. You will have to clear immigration in that case. If you don't have luggage, well, might be technically possible but you're taking a risk. Luggage or not, CX could refuse to rebook you if you miss it. In practice, since it's oneworld to oneworld and if they have seats on later flights they might help. No guarantee here. Their decision might also depend on your ticket conditions in case of No Show and Rebooking.