Fiori OVP using HCP IoT Services shows No data due to $batch infinite loop

This is the solution to a question originally posted by Daniel Hernandez on September 8, 2016 but that has since then been archived and is therefore no longer open to responses.

Basically, displaying HCP IoT Services data in a Fiori OVP as per my respective blog started to show No data any longer, while a network analysis revealed an infinite $batch loop:

A deeper analysis now revealed that this is due to an incompatibility with any SAPUI5 version above 34.13:

If you explicitly chose that version for your OVP project instead of the default latest, all HCP IoT data is displayed fine again: