There is irrefutable evidence that the rotten heads of the United Headquarters plotted to instigate a "Second Shanghai Riot"! They cannot get away with it!

联司坏头头阴谋挑起"上海第二次大乱"铁证如山!罪责难逃!
Lian si huaitoutou yinmou tiaoqi "Shanghai di'erci daluan" tiezheng rushan! Zuize nantao!
There is irrefutable evidence that the rotten heads of the United Headquarters plotted...
ca. 1967
"Shanghai Art Department" of the Workers-Peasants-Soldiers Film Studio Red Flag Commune (《上艺司》工农兵电影制片厂红旗公社); "Printing Department" of the Shanghai Printing Technology Research Institute Red Flag Corps (《版司》上海市印刷技术研究所红旗兵团)
78.5x55 cm.
PC-1967-009

The text on the armband: Rebel team (造反隊 - simplified 造反队, Zaofan dui).