If you look at the same stock that registered both in HK and Shanghai, you will know that the shanghai share price is much higher than in HK. eg. china bank is 40% higher in shanghai, china life is about 50% higher. That means that china stocks is very overvalued. To avoid a crash china government will issue more policies to cool down the stock market, this will affect the HK market as well. So I think there will be more corrections this year.
Jerry said that there will be big correction in March, June and Dec this year, he is at least 1/3 right so far.
http://www.forteller.com/art3.html