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1. Shenzhen is more hardware manufacturing focused, which many consider to be lower on the value chain (vs. Silicon Valley which is more software/design focused). But it is certainly well positioned to be the next Silicon Valley, and the Chinese government is lending support. One competitive advantage that Shenzhen has is that the manufacturing time for a product is a fraction of that in the West, and so there is a real opportunity to move up in the chain. This is a really good documentary on YouTube by WIRED UK:
2. Never lived in HK but it seems to be more traditionally business/finance focused. I'm not sure if it's an issue of capitalism vs. socialism -- keep in mind that China's tech economy is more or less capitalist at this point, less the state-owned enterprises in more traditional industries like oil & gas, chemicals, banking, etc. But many do recognize there is an innovation problem in HK.
3. You should know about BAT: Baidu, Alibaba, and Tencent. These are the elite three tech companies in China. Tencent's WeChat is huge in Asia, and I would describe it as a way more advanced Facebook (3-5 years ahead in terms of features). But very few people in North America or Europe have heard of WeChat. Here is an interesting video by Andreesen Horowitz: https://a16z.com/2017/02/06/china-trends-2016-2017/
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