Hong Kong only release.

This appears to be a slightly altered version of the same film which originally appeared under the alternate title "The Swordsman" as [ERA-24-92]. It is 13 minutes shorter, contains a few different scenes, and some of the original scenes re-arranged into a different order. It is impossible to say for certain why this version might have been released with the Roman numeral II added to the title. I can find no reference to this alternate cut of the film on IMDb. It is certainly a very unusual and puzzling release.