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This circuit produces hclk pulse on every rising edge of de . It is synchronized in 1st FF.
It is valid as long as clk cycle is shorter than de positive interval.
The first thing I thought when I saw the OP's schematic and waveform was this is going to result in a RE-SPIN.I don't think this is good practice. If de violates the setup time of the first FF, its output could go metastable. Maybe the second FF sees that metastable state as a zero (fine), but maybe it sees it as a one. That's going to mess things up.