University of Bristol - Historical Photographs of China reference number: AL-s41. Prince George (later King George VI) is in the middle, wearing a sash; Sir Sidney Barton, Consul-General leads the group, which has just left the British Consulate General building. See http://hpchina.blogs.ilrt.org/2015/03/02/another-prince-on-the-bund-1926/. This photograph, credited to [E. A.] Kobza, was published in the North China Herald, 12 June 1926, p. 486. The caption indicates that this was the King's Birthday Parade, and the article notes that Empire Day and the King's Birthday celebrations were combined.
Empire Day Parade, British Consulate General, Shanghai, 1926