Hairball: It takes 4-6 weeks to get it done, not to mention the costs, even if i get it done it's just a temporary HK id and i'll have to do it all over again in HK. I considered it but I won't do it, it's a waste of time and money.
Gatts: No, my last HK passport expired years ago and without hk id I can't renew it. And I checked the website with the expiry dates of the old HK ID's. Apparently mine should still be valid untill 30 november this year (if I didn't interpret wrong). So I'm gonna take my chances at the HK airport with old HK ID.
It's the China entry that bothers me most.
Even though I called the China Consulate here several times, nobody picks up. I mean, do they ever work?!
Thanks for the opinions everyone.