Clay Devers and Thomas Levet share eighth place at 8-under-par 130.
Randhawa opened on the back nine Friday at Hong Kong Golf Club and wasted little time in breaking into red figures. He collected three straight birdies, starting at the 11th, and added two more birdies at 15 and 17 for a front-nine 30.
Randhawa did not fare as well on his second-nine holes. He birdied No. 4 and polished off his round of 62 with a birdie at the ninth.
'It was a good round today with seven birdies and no bogeys,' said Randhawa, who was the runner-up to Padraig Harrington last week at the Asian Open. 'I swung it better than yesterday and holed the putts.'
Randhawa had a familiar face on his bag on Friday as his wife Tina caddied for him while his regular caddie was straightening out visa-related problems.
'My caddy Sukhdev Singh had to go for a visa so he can carry the bag next week in the season-ending tournament in Malaysia,' said Randhawa. 'Tina obviously brought me luck and I think I will ask her to caddy for me at the weekend.'
Bjornstad matched Randhawa's 62 on Friday. Bjornstad also started on the back nine and tallied six birdies in his first eight holes but ran into trouble with a bogey at his ninth.
He closed his round with two birdies in his last four holes to join the group on top.
Eriksson and Wang each recorded six birdies and a bogey for rounds of 64, while Olander was flawless with five birdies and no bogeys for his 5-under 64.
Dodd and Johnstone carded rounds of 4-under-par 65.
Soren Hansen (65), Craig Kamps (63), Wook-Soon Kang (64), Maarten Lafeber (64) and Arjun Singh (66) share 10th place at 7-under-par 131.
Thomas Bjorn is three shots out of the lead after a second-round 64.
Amandeep Johl, the first-round leader, collected two bogeys and 16 pars for a 2-over-par 71. He fell into a tie for 35th at 4-under-par 134. Jose Maria Olazabal, the 2001 champion, shot a 4-under 65 to join the group five shots behind the leaders.
The 36-hole cut fell at 1-under-par 137 with 76 players making it to the weekend.
Full-field scores from the Omega Hong Kong Open