The firearm of the design commonly known as the AK-47 rifle, and any variant or modified version of it except for the Valmet Hunter, the Valmet Hunter Auto and the Valmet M78 rifles, but including the: (see list)
So yes, following the gun lab's logic, any AK manufactured on a semi-auto receiver which is NAMED "Valmet M78" or "Valmet Hunter" (with no other name on firearm, advertising or in the nomenclature submitted for an FRT) should be fine, as long as it's a "version" of an AK-type firearm and not necessarily manufactured by Valmet themselves. This is exactly the reverse of the argument being used against Wolverine here.
Read the law carefully...
it doesn't state the exempted AK has to be manufactured by Valmet, it only states what the rifle needs to be called in order to obtain that prohib status exemption. It also implies that "Valmet M78" or "Valmet Hunter" can be a mere version of an AK-type rifle and not necessarily a make and model thereof (first sentence of the OIC can certainly be understood that way, as it doesn't elaborate further).
So, apparently whatever the importers/dealers call their imported firearms makes them a unique new item and, in the gun lab's own written words, it doesn't matter from what mass-produced firearm the receiver actually originated (interesting stuff!). They also seem to be big on "exemptions by name" (of a version), according to the letter posted... hence why the Spartan version of an exempted rifle is a no go for an exemption.
As such, I'm sure you can get manufacturers to stamp whatever you want on these semi-auto commercial AKs receivers being made in Russia, China and the US... and then advertise your newly manufactured product accordingly.
The pendulum should swing both ways, after all... lol.