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The pywin32 package use imp.load_dynamic() to load a DLL with Windows specific type. On Python 3.4+ imp.load_dynamic() point to the following code which use the newer importlib module:
 import importlib.machinery
 loader = importlib.machinery.ExtensionFileLoader(name, path)
 return loader.load_module()
In pywin32 a mechanism is used to be able to have part of a module globals defined in python (pywintypes.py), and the reminder in a DLL (pywintypesXX.dll). The code in pywin32 between 3.4 and 3.5 is the same.
In Python 3.4, calling imp.load_dynamic(), which point to the code above, inside the python part of the module definition loads the types defined in the DLL.
In Python 3.5, calling imp.load_dynamic(), which also points to the code above, inside the python part of the module definition reloads the same python module, not the DLL. Even though a path to a DLL is given AND when doing introspection of the module it clearly points to the specified DLL. 
This is a change of behavior that breaks pywin32, but possibly other modules that rely on this behavior.