It should be covered. But if not, you can (a) check with the CX transfer counter at HKG on arrival and ask if they can assist with finding your bags and retagging them (saving you the journey out), or as a worst case scenario, if you do have to collect your bags, don’t stress... it will be tight but you would have time to exit, collect bags and recheck. You should be in the arrivals hall around 30 minutes after arriving at the gate, giving you 90 minutes to recheck.