This is Taikoo Dockyard, as confirmed
by the stony hill above Quarry Bay . Owned by Butterfield & Swire, the facility was heavily damaged by Allied bombing in early 1945. Mainly used for ship repairs and refits, the dockyard could also build ships up to middle-size. Here a vessel — from its aft funnel probably a tanker, and registered at Gravenshage, The Netherlands — is being refitted.