The bat's wing piercing the "red circle" intentionally and the position of the stars representing the numbers 3 & 4 for its formal name; the 34th Squadron of the ROC Air Force.
34th Squadron specialized in very low level air space penetration (100–200 meters altitude) to hug the ground in order to evade enemy radars and fighter interceptions.
Later when operating P-3A, its main mission was flying in international water, 40 miles outside of Mainland China, to collect signals intelligence.
Flying for six and a half hours at low altitude in the dark, they arrived over the target and the sensor pallets were dropped by parachute near Anxi in Gansu province.
This 35th Squadron flew U-2 high altitude reconnaissance plane provided by the CIA, losing five aircraft and three ROCAF pilots to PRC air defenses.
Director Ting Wen-chin (Dīng Wénjìng 丁雯靜) made a documentary about them entitled The Secret Hidden in the Sky of Taiwan (Táiwān tiānkōng de mìmi 臺灣天空的祕密).