Can't find anything. What about price?
Only on JD.com for now and won't make it to Taobao till later this month. Pre-order price is about US$60 and it probably will go up slightly when it is released internationally. Judging from the price, ShanLing is targeting the same market as BTR3.
Fiio BTR5 is not the M5? So they're releasing 2 new bt receivers simultaneously?
FiiO "M" designation is for their digital audio player, even if it can support BT receiving. On the other hand, "BTR" designation is for pure BT adapter - so no, they are not releasing two BT receiver at the same time, but a DAP with BT capability and a pure BT receiver.
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