This passage in the rules, commas and all, has had Talmudic scrutiny, but it seems that recently the near-universal interpretation (by the airlines, who have the only votes that count) is that SWP< >Europe is the only instance where this rule applies; SWP< >N. America does not qualify for an Asia transit routing. But as often said, if they'll ticket it, good on ya.

However I believe the "transit without stopover" and "single plane routing" bits are interchangable, i.e., you can fly Europe-(Asia)-Australia on one plane (thus one coupon) or you can fly Europe - xAsia - SWP with a change of planes/carriers in Asia provided you don't stay long enough to count a stopover. This would allow, for example, LHR-xHKG-AKL on CX, or LHR-xPEK-SYD on BA/QF etc. Two coupons.

YMMV.