I have encountered another newspaper cut with advertising for Aquarius recently. With it design depicting a modern Shanghai women sipping a soda, it is probably from Old Shanghai time. The theme of modernity and luxury through drinking Aquarius is very similar to the other ads I found.
However the design seems very late in the period, probably more 1940s that earlier. Thus, I would guess the ads was designed in the 1945-1949 period, but I have no further information so far.