Market scene on a stairway, which might be the Pottinger street, but I'm not sure. This appears to be a well-known postcard, and some websites, for example this one, gives information on the chimneys. That website shows the same image but with a caption on the right.
Source:http://www.thevoice.org.hk/v0318/053.htm, by SanderB
http://www.channelnewsasia.com/news/asiapacific/hong-kong-at-risk-of/2325978.html says this picture shows the Yung Kee Restaurant. On http://www.valuablepostcards.com/2010_05_01_archive.html, you can see a coloured version of this one.
© UMAG, Hong Kong
Comments
Pottinger Street
Yes, Pottinger Street, see here