Owning to its “pure Hongkongese feelings”，Echoes of the Rainbow autobiographically directed by Law Kai Yui has been regarded as one of the most representative films in Boom of “Hong Kong Films Regression” over the last three years. By looking back on the childhood，this film rewrites the turbulent Hong Kong history in 1960s with a warm nostalgic style. On the example of the very film，this paper attempts to analyze how the Hong Kong films represent/reconstruct their own history in the so-called Boom of “Hong Kong Films Regression” after the Financial Tsunami. Meanwhile，based on the political/economic materials of film production，marketing and distribution，the naming paradox of “Hong Kong Films Regression” will be revealed as well. In addition，I shall argue that facing to the stronger Mainland Capital and Cultural Hegemony，Hong Kong films have been thrown into a dilemma of dichotomy between “re-colonization” and “re-nationalisation” —both inside and outside of the text —under maskers of “Movie facts” and “Film facts”. Last but not least，if embedding the Hong Kong films into the context of Cultural Heritage Conservation Practices/Movement，I shall easily point out the multi-difficulties which are inevitably encountered by the politics of Cultural Identity of such a late colonial city.