OK I just got user manual from Shenzhen Audio (very fast!)
From below it appears to be DSD Direct mode (since they mentioned volume control is disabled)
Still unknown how it performs until measurements
SMSL D-6 was crap with DSD512 in DSDD mode and most people wouldn’t have known - I measured it and got SMSL to fix it.
For a long time, I’ve wanted to audition the DAC200 and thanks to this discussion, I contacted T+A directly to ask them how I could audition it since my dealer didn’t have a demo unit at hand. Well about a week after my e-mail, I was contacted by the dealer that T+A has shipped a demo unit from Germany to Finland, only for me to be able to audition it. This is A+ customer service here.
Anyway, yesterday they contacted me and told me the unit has arrived. I picked it up and it has played pretty much nonstop after that (well I slept overnight). As I expected, it sounds great. Very different sound signature compared to Holo Spring 3 + Holo Serene combo I’ve been using. More 3D, open, holographic with more resolution. Holo’s are easier to listen to and since there’s a separate preamp, they have slightly more oomph in the bass end. Still DAC200 hits hard and is punchier sounding in the end. Awesome device, I’ll give it some time to run in more and continue the audition. It won’t be an easy decision but in the end I’ll obviously choose what sounds best to me.
I’ve been mostly listening with HQP upsampling to DSD256 - ASDM7EC-light - sinc-M.
The Holo May and Spring 3 don’t sound at their best in dsd imo. Dsd is soft and dull. Pcm at 1536 khz far exceeds dsd in punch and dynamics. The difference is that obvious that I don’t understand why you would listen to dsd on the Holo May. But everyone has different preferences.
On Spring 3, HQP upsampled DSD sounds clearly better than upsampled PCM IMO. More depth and more refined sound. Obviously the chosen modulator and filter has a huge impact. Preference towards DSD seems to be the general opinion. Upsampled PCM sounds more raw and flatter in comparison to DSD. NOS has something addictive to it and I listen to it every now and then.
Anyway, it’s pointless to argue about this. It’s a matter of opinion.
Anyone tried the SMSL PL200, looks lots of fun, I still spin CDs from time to time. Also, on checking the manual, on page 24 its says “FIXED DSD BYPASS :Open the DSD direct access function. At this time, the volume of PCM or DSD is not adjusted. The output amplitude is fixed to about 3.7VRMS. When this function is opened, the DSD is not processed at all, and the output is directly output.”
Hi,
I may be in the market for a DSD DAC. I was set on the May KTE but all this back and forth about the DAC200 has be considering that as well. Thing is, I do not need nor want any of the other DAC200 functions. I just need a DAC and I intend to run the highest rate DSD (probably 512) my little HQP server can accomplish. I will be replacing a ADI-2 DAC FS (AKM). There is nothing wrong with the RME I just want higher upsample rates for the bling 
Any thoughts? Or is this truly a have to listen for myself sort of thing. I can probably get a demo DAC200 I don’t think I can get access to a May.
If you have the opportunity to have an extended listening session to a T+A 200 dac, make sure you have your checkbook at hand.
You will be pleasantly surprised.
I was.
Dirk
IIRC, D90 is AKM-based and D90SE/LE is ESS-based.
I have some doubts about DSD Direct mode on SMSL 4499EX based DACs, since they couldn’t fix this functionality for another model…
Note that this is not 4499EX, but 4499EQ.
4499EX looks like this:
Which is typically used with AK4191 front-end chip.
Technically it performs better in DSD. And when comparing, remember to set PCM gain compensation to -6 dB in HQPlayer settings! Because PCM is otherwise 6 dB louder and could affect the perceived sound.
To me, in PCM it sounds flat and flappy, lacking depth and authority. And the sound also gets more easily congested in dense passages.
I have owned a May KTE for 2 years now and I complete disagree with your assessment. The May KTE sounds its best with DSD256 or DSD512 compared to PCM 1.536M. Regardless of source format. This is using HQPlayer Desktop 5.x.
DSD on the May is clean and clear and the music is more dynamic too with punch and power without being harsh. There is no digital edge to it. DSD is easily better than PCM.
I didn’t heard the KTE May, but on the Gustard R26 (also R2R), I found definitely that using the internal streamer with PCM is far better than DSD 512 or 256 (6 db PCM gain compensation) In both cases I use HQplayer.
In PCM, textures are better while DSD sounds thin comparatively.
Different DAC.
Have we ever had a look at the Gustard A 18 (AKM 4499EQ)?
Shenzenaudio Product Page
User manual states a “DSD direct” Mode on page 4.
Gustard A18 user manual
I do not know the Gustard A18.
On the R26 I activated DSD Direct mode and NOS mode for PCM listening sessions.
First batch of Cyan2 has been delivered to HK dealer. I’m still a few weeks away from receiving from my friend who ordered
I’ve been at Wildism Audio! Should make an Hong Kong HQplayer meetup 
! You are welcome to join on zoom!
Can you make live measurements on the Zoom !! 
First public unboxing of Cyan2 - nothing exciting but hopefully that means my friend’s unit isn’t too far from delivery
Another Cyan 2 arrived. This guy will be comparing with his ADI-2 (a long time HQP classic ! )
Will Cyan 2 become a new affordable HQP classic? Something original Cyan was not. We’ll soon found out
Cyan2 is approx the price of what the AKM based ADI-2 was
I’m still also waiting mine. We’ll see…
