The airline of Manchuoko - the Japanese vassal state in Manchuria, or Northeast China, which was twice as big as France - received some 14 Ju 86s from Germany in 1938 and 1939. Although the airline primarily fulfilled military purposes, the attractive yellow, black, white, blue, and red roundel is the company logo while the air force roundel was different. The name of M-223 is given as Huánglóng or Kōyrū, which are both translated as 'yellow dragon', but the characters on the nose don't seem to match to my untrained eye.

M-213 crashed while attempting a forced landing on Kwanti racecourse. It was inbound to Kai Tak when it developed engine problems. The left wing and engine was ripped off and destroyed by fire. The aircraft was shipped back to Manchuria then under Japanese control. M-213, which was operated by Manchuria Aviation Company (MKKK), had Japanese roundels on its wings. Photo from: University of Wisconsin-Milwaukee