I just ran into this issue after getting the actioncam. The streaming to the st16 isn't perfect but it still takes pictures and records video just fine.
1) Download the latest firmware update for the cgo3 from
Downloads - Typhoon Q500 4K
2) Put it onto an sd card.
3) Put sd card into the cgo3
4) Turn on the Typhoon H with the cgo3 attached. (Edit: I left the st16 off here so the camera doesnt connect)
5) The little light on the camera will start blinking purple, it's updating the firmware
6) After the camera shuts off, turn off the Typhoon H and remove the sd card. You'll probably want to delete the update file
7) Turn on your ST16 and Typhoon H
8) Rebind camera. Don't forget to choose cgo3 under camera select before binding. You should be good from there.