They are indeed in China. If you check out the iBasso Sponsorship Forum on here, there's a thread about iBasso and DHL, and the experiences of folks with iBasso shipping.
They are a top notch company in terms of customer service, to my knowledge, but delivery times range widely from 3 to 10 days. Rarely longer than that, though. From my day of order with them directly, it took approximately 10 days to get to my home, including weekends, so more like 6-7 business days. In my case, they seem to have listened to head-fi users and others (at least for U.S. shipments), and did not use DHL, but EMS (China's Postal Service's shipping wing) to USPS. They gave a tracking number for EMS which also worked on the USPS website after it left China, although, per others' experience, the tracking number did not start showing up on the EMS website until a day or two after it was given to me (this was happening for folks who had iBasso ship through DHL, too, if I remember correctly).