This is another version of Kung-Fu Master, likely offering subtle differences compared to the original or the 'version set 2'. Variations in arcade game releases frequently involve adjustments to graphics, gameplay mechanics, and difficulty settings to cater to different regions or preferences.  Irem, the original developer, may have released this 'version set 3' as an update or regional variant.

Kung-Fu Master (version set 3)

Kung-Fu Master (Data East)