That's a different bellows than was on my Shen-Hao. But I had an early production model - serial number was 3 digits, so the bellows was "traditional" in that it had the exact same pleating the entire length. Thus the requirement for using the bag bellows with wider than 90mm lenses.
Yeah, they've gone to this "universal" bellows fairly recently. Looks a bit...unusual, but from the photos it seems to provide a real advantage.