the front
漁翁兵説
我是'前仆後継'的啊
An old fisherman soldier said
"I'm like Zenfukōkei*, ah..."
*Zenfukōkei is a four kanji idiom, meaning "climbing over the corpses of predecessors and going forward."
the back(your picture is up-side-down.)
The left side of the vertical line is the Japanese translation of the the first two lines of the Chinese text.
此の伝単携行者は捕虜として取扱はず新中国の建設の志士として優遇す。希望者は給与豊富な南京国府軍に編入す、或は蘭貢及広東経由にて故郷に送還せしむ。
(I changed katakana and traditional kanji to hiragana and modern kanji, respectively.)
Those who carry this leaflet are not treated as POW, but are favorably treated as patriots to build the new China. If you want, we transfer you to the Nanjing Government Army who has a high wage level, or send you back to your home town via Rangoon and Guangdong.
The Chinese version has instructions how to surrender.