These two kanji to the left read JI-NAN.

To the right is a longer phrase: Jinan
Mobilization Commemorative.
Jinan Incident
(also called the May 3rd Incident)
Jinan Incident (May 3rd Incident) occurred from May 3rd to the 11th, 1928. At Jinan
(capital of Shandong) the Japanese Army (allied with Chinese warlords) battled
with the Kuomintang Army.

Exceedingly rare to find cups labeled 'Jinan Incident' because it was so short.
Japanese soldiers stayed there only six months after the clash.

I suppose that cups commemorating this incident had no unified theme. Designs
were most likely the kinds you will see on cups from other conflicts.