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<blockquote style="border: 0px none;" 
cite="mid:alpine.OSX.2.02.1508032006570.56291@nqv-znpobbx" type="cite">
  <div style="margin:30px 25px 10px 25px;" class="__pbConvHr"><div 
style="display:table;width:100%;border-top:1px solid 
#EDEEF0;padding-top:5px">   <div 
style="display:table-cell;white-space:nowrap;vertical-align:middle;width:100%">
        <a moz-do-not-send="true" href="mailto:adityam@umich.edu" 
style="color:#737F92 
!important;padding-right:6px;font-weight:bold;text-decoration:none 
!important;">Aditya Mahajan</a></div>   <div 
style="display:table-cell;white-space:nowrap;vertical-align:middle;">   
  <font color="#9FA2A5"><span style="padding-left:6px">4. August 2015 
02:08</span></font></div>    </div></div>
  <div style="color:#888888;margin-left:24px;margin-right:24px;" 
__pbrmquotes="true" class="__pbConvBody">On Mon, 3 Aug 2015, Procházka 
Lukáš Ing. - Pontex s. r. o. wrote:
<br>
<br>
<br>I am not sure when the subformula numbering broke, but I can confirm
 that 
it is not working with the latest beta.
    <br>
  </div>
</blockquote>
You have to make three changes in strc-mat.mkiv to fix subformula 
numbering.<br>
<br>
The first change is necessary to show the even when there isn’t a 
argument for \startsubformulas.<br>
<br>
The second change is necessary to prevent context from reseting the mode
 for subnumbers<br>
at the end of each formula.<br>
<br>
The changes in \stopsubfomulas is necessary because of the test in 
\everyresetformulas.<br>
<br>
<br>
\def\strc_formulas_number_indeed<br>
  {\ifconditional\c_strc_formulas_handle_number<br>
     \hbox\bgroup<br>
       % main counter<br>
       \ifconditional\c_strc_formulas_inside_formulas_sub<br>
         % nothing<br>
       \else<br>
         \ifcase\c_strc_formulas_number_mode<br>
           \ifcase\c_strc_formulas_place_number_mode<br>
             \strc_formulas_handle_numbering<br>
           \or<br>
             \strc_formulas_handle_numbering<br>
           \or<br>
             % nothing<br>
           \or<br>
             \strc_formulas_handle_numbering<br>
           \fi<br>
         \or<br>
           \strc_formulas_handle_numbering<br>
         \or<br>
           % nothing<br>
         \or<br>
           \strc_formulas_handle_numbering<br>
         \fi<br>
       \fi<br>
       % subcounter<br>
       \ifconditional\c_strc_formulas_inside_formulas_sub<br>
         \ifcase\c_strc_formulas_sub_number_mode<br>
-          % nothing<br>
+          \strc_formulas_handle_sub_numbering<br>
         \or<br>
           \strc_formulas_handle_sub_numbering<br>
         \or<br>
           % nothing<br>
         \or<br>
           \strc_formulas_handle_sub_numbering<br>
         \fi<br>
       \fi<br>
      \strc_formulas_reference_trace<br>
     \egroup<br>
   \fi}<br>
<br>
\appendtoks<br>
    \c_strc_formulas_place_number_mode \zerocount<br>
    \c_strc_formulas_number_mode       \zerocount<br>
-   \c_strc_formulas_sub_number_mode   \zerocount<br>
+   \ifconditional\c_strc_formulas_inside_formulas_sub \else<br>
+       \c_strc_formulas_sub_number_mode\zerocount<br>
+   \fi<br>
    \c_strc_formulas_nested_number_mode\zerocount<br>
\to \everyresetformulas<br>
<br>
\unexpanded\def\stopsubformulas<br>
  {\nonoindentation<br>
   \useindentnextparameter\subformulaparameter<br>
-  \the\everyresetformulas % to be checked<br>
   \global\setfalse\c_strc_formulas_inside_formulas_sub<br>
+  \the\everyresetformulas % to be checked<br>
   \dorechecknextindentation} % here ?<br>
<br>
<br>
%%%% begin example<br>
\usemodule[visual]<br>
<br>
\starttext<br>
<br>
\placeformula<br>
\startformula<br>
\fakeformula<br>
\stopformula<br>
<br>
%\startsubformulas[+]       % These two options for \subformulas<br>
%\startsubformulas[mylabel] % enable subnumbers for the formulas<br>
\startsubformulas<br>
<br>
    \placeformula<br>
    \startformula<br>
    \fakeformula<br>
    \stopformula<br>
<br>
    \placeformula<br>
    \startformula<br>
    \fakeformula<br>
    \stopformula<br>
<br>
\stopsubformulas<br>
<br>
\stoptext<br>
%%%% end example<br>
<br>
<br>
Wolfgang<br>
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