Great review! Thanks for sharing the info! In Japan it seems to be even more expensive than AK240... Have you tried some really hard to drive headphones? 

Thank you mate!
 
Yep, I have tried the Audeze LCD2F's, the PAW Gold drives them to deafening levels. 
 
But as expected, sound quality will be good (but not the best, as any DAP will lack power to drive the LCD2's comfortably). Even a small O2 amp in the chain will make a large audible difference in driving these power hungry headphones.

Could you compare this to the AK240? Man, that 24K gold is real good looking.

Good write up. Say, how exactly does one acquire exotic Chinese DAPs like this and others like the QLS QA360? (read this from your posts)
Being a fellow countryman I'm just envious I guess!
 
Just kidding, keep them reviews coming, and do let in some more info on how and where to get hold of good DAPs like this here in India.
Thanks & cheers

Thanks for the review, YoYo JoKeR. I am not seeing the value proposition as favorable with this product. Especially in light of the fact that it doesn't have a digital out, so one has no ability to bypass the DAC for a different one. I'd rather have an x5, a micro iDSD, and $1100. Keep the gold plating and give me a coaxial out.

Thank you everybody!
 
Yep, both HM901 and PAW Gold do not contain digital outputs.
 
If you consider Mid-Fi DAP's, I feel QA360 is anyday a better choice than FiiO X5. QA360 has both Coaxial and Optical outputs and has one of the finest sound quality available in sub-1000$ range.
 
Will try to compare AK240 and PAW Gold in near future

HM901 does offer coaxial out sing an accessory cable. 
 
To me Lotoo is a reference quality DAP, I enjoy listening to mine alot but in order to get the right sound a synergy is need. It is very nicely detailed and well balanced without sound too warm ( to me it is actually quiet neutral but not dull and thin sounding). But honestly I enjoy calyx M more as it is more engaging. 

Lotoo will pair great with warmer IEM or any balance armature.