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You're right - the photo's caption reads:

Typhoon Ruby, which swept across the Colony on September 5, brought winds that reached 122 knots in gusts. Three ships were sunk and 15 went aground (this picture shows a freighter on the rocks at Cheung Chau). Thirty-two fishing craft were lost, and Ruby left 38 dead and over 300 injured both on land and at sea.

I came across this photo on Facebook today. I was surprised to see the ship on the rocks right below House 24. We lived in this house for a year during 1949 and 1950. Those rocks below the house were my playground.