I see. Google only suggested something with China Southern Airlines, so I figured you wanted to fly formation with one of their 747s or something...
Anyway, the exception for circuit flying only applies to the submission of flight plans, apparently. You still need to squawk an airfield- and day specific code so from what I can see CX flying is not possible for a non-transponder aircraft inside R112. Unless you fly circuits in formation of course.
But who knows. I've only seen the six-page summary. There might be a further exception somewhere in the 118-page bible.