I first auditioned this new ShengYa CV-3/PSM-368 pre-power amplifier system back in November 2020 at the demo room of Likou Hi-Fi in Haiyin Plaza (see the December 2020 issue for the full review). So when I was invited again by Likou to visit the ShengYa factory in Zhongshan, I had no idea what to expect at first. I thought it would simply be a factory tour and a discussion about future marketing plans. It was only after Chief Editor Lai and I arrived at ShengYa that we learned that within less than two months, Mr. He had carried out further refined tuning on the CV-3/PSM-368 pre-power amplifier pair. We were therefore invited to the factory listening room to hear and verify the results of this tuning session in person. Also invited was renowned Hong Kong recording engineer and music promoter, Mr. Leo Fung. After exchanging greetings with Mr. He and Leo, we proceeded methodically to audition this latest flagship from ShengYa.

We auditioned a small selection of discs, including Seeing Teresa Teng Again III by popular vocalist Chen Jia, as well as the coveted, thrilling glass CD Sister Drum, an almost essential title for audiophiles. We also listened to a live concert recording of film score maestro John Williams conducting the Vienna Philharmonic in his own compositions, plus Reference Master Disc 2, an LECD commemorative album marking the 2nd anniversary of China Record Studio Yuefu and the 3rd anniversary of Sound Encounter.

During my previous audition of the CV-3/PSM-368 pre-power amplifier at Likou’s demo room, the unit had not yet undergone its final voicing, and it was paired with the SCM-150, a speaker two sizes larger than the SCM-50SE. Even so, the musical presentation was satisfying, with hints of top-tier performance in terms of control and dynamic punch. Now, after re-tuning and paired with this smaller loudspeaker, the system demonstrated marked improvements in fluidity, musicality, ease, and the balanced blend of power and finesse. I would even argue that the overall sound quality at the ShengYa factory surpassed my earlier listening experience at Likou.

Take the sweet vocals of Beijing-based singer Chen Jia for example. My main concern was whether this high-power solid-state amplifier could render female vocals with sufficient sweetness and character, or if the sound would turn coarse and hard. Driven by the ShengYa CV-3/PSM-368 pre-power combo, the ATC’s much-lauded midrange delivers an extremely high density that makes vocal reproduction deeply engaging. The female timbre here seems to sit between the opulent grandeur of German sound and the neutral transparency of studio monitoring. The tone is warm and full, while fine details remain clearly resolved. Compared to the earlier pairing with the SCM-150, the presentation is softer, richer and slightly more elastic. The vocal image is solid and well-focused, with delicate texture free from coarseness. It is clear that even as a high-power amplifier, this pre-power system retains the sweet, lush character typical of vacuum tubes while maintaining a dense and focused sound. This proves that ShengYa’s tuning direction has been a great success.

Switching to another glass CD, Sister Drum. Audiophiles typically use Track 2, the title track, for auditioning. Its deep brass and drum strikes serve as a touchstone for testing a system’s low-frequency response and sense of space. However, Chief Editor Lai suggested jumping straight to Track 7, Prayer Wheel. He explained that this track features richer orchestration, more intricate musical lines and wider dynamics, making it a tougher test of the amplifier’s drive and control.

Driving the SCM-50SE, the CV-3/PSM-368 pre-power pair rendered Dadawa’s haunting delivery of reincarnation, karmic fate, prayers and incantations with profound desolation and immense emotional impact. He Xuntian’s extensive use of Western electronic synthesizers further intensifies the music’s dramatic power. Even when cranking the volume to levels far beyond typical domestic listening thresholds, the musical scene remained well-organized, with details laid out vividly before us. The dynamic contrast was astonishingly formidable. After this gripping passage, there was no harshness, only stirring, soul-touching sound that evoked deep empathy.

Next up was John Williams Live in Vienna, the concert recording of film score maestro John Williams conducting the Vienna Philharmonic in his own works. While the Vienna Philharmonic’s performance lacks the exuberance of American orchestras, its poised, refined manner, paired with the recording’s weight and lush timbre, forms a surprisingly coherent whole, offering a fresh perspective on film music. The ShengYa pre-power and ATC speaker combination reproduced this character faithfully. The grandeur of the Vienna Philharmonic in the Golden Hall was preserved. The string sections were beautifully delineated; one could hear the texture of massed ensemble playing, with melodic interplay and chords clearly resolved.

Descriptions like this often make readers wonder whether the sound might turn thin and dry. This system avoids that pitfall entirely. The orchestra I heard was full-bodied and relaxed. Thanks to abundant energy, rich detail and an exceptionally wide soundstage, it created a powerful sense of presence, as if we were sitting inside the concert hall.

How did the system fare with Reference Master Disc 2, pressed in LECD format? This commemorative album was created exclusively by Leo, music producer and recording engineer as well as founder of China Record Yuefu and Sound Encounter, to celebrate the 2nd anniversary of China Record Yuefu and the 3rd anniversary of Sound Encounter. Manufactured using Leo’s proprietary LECD technology, the finished disc delivers sound nearly indistinguishable from the master tape, offering greater information density and dynamic range than conventional CDs.

Reference Master Disc 2 embodies the rigour of a recording engineer, the discerning taste of an audiophile and the passion of a musician, boasting top-tier dynamic range, fine detail and analogue warmth. We played Legend of the Drum Mountain, taken from Jiangzhou Great Drums: 20th Anniversary. It is a live recording of the Shanxi Jiangzhou Drum Troupe performing in Tainan and one of Mr. Leo’s proudest works. The track boasts razor-sharp dynamics, an immense sense of space and pinpoint imaging of the live event, virtually flawless.

After several deep bass drum strikes, brief melodic lines emerged from the work chants and vocals, followed by a powerful succession of drums of varying sizes. Watching the ShengYa setup render the drum performance with effortless poise, I gradually turned up the volume and found the recording grew more thrilling and satisfying. Wave after wave of thunderous drum impact arrived without any loss of composure. The drums started and stopped with superb control; the resonant decay of the drumheads after each strike was vividly defined, clean and unbloated. Even the drummer’s shouts amid the percussion sounded authentic, free from harshness. Throughout the playback, there was no hint of strain. The ShengYa system’s control and dynamic punch were truly impressive.

Every element was faithfully reproduced: the crisp texture and springy resilience of the drumheads, lean low bass free from excess bloat, spine‑tingling acoustic energy, tightly focused drum images and the crushing weight of each explosive strike. Having heard his own recording reproduced via this ShengYa and ATC combination, recording engineer Mr. Leo could not help but praise it repeatedly: “This is the best rendition of this drum piece I have ever heard from a system within the one‑million price bracket!”

Mr. He Explains the Secrets Behind the Final Voicing in Person

The CV-3 tube preamplifier features an all-valve circuit design. Visible through the window on the front panel is the ECC81 valve used for voltage regulation. A row of indicator lights beneath the window denotes six signal input options: Inputs 1 and 2 are XLR balanced, while the rest are RCA unbalanced.

This preamplifier houses a total of eight vacuum tubes. Four of them are two custom-developed variants specially made by Czech JJ: two ECC83 and two ECC82. Unlike commercially available tubes, these two models adopt a long-plate structure with gold-plated pins. The remaining four are NOS (New Old Stock) 12AU7 valves from Philips.

The audio circuit utilises fully balanced amplification, which demands extremely rigorous screening and matching of the vacuum tubes and other components. The rear-panel binding posts are sourced from Germany’s WBT, reflecting meticulous component selection, which naturally comes with a higher cost. More than 90% of the coupling capacitors inside the unit are German Mundorf M-Cup oil capacitors, available in gold-silver foil and aluminium foil versions. Internal audio wiring employs Kimber Kable from the United States.

The reason for equipping the CV-3 with such a large array of top-tier audiophile-grade components stems from new insights gained during the collaboration with Likou Hi-Fi in pursuing musical expression through premium parts. Continuous experimentation with different component combinations for voicing ultimately yielded a marked improvement in musicality.

CV-3 Fully Balanced Vacuum Tube Preamplifier

• Advanced dual-mono fully balanced amplifier circuit design; the two channels are completely independent, with one R-core power transformer per channel.

• Audio-specified ECC803 and ECC802 vacuum tubes paired with gold-plated tube sockets deliver sweet, natural timbre and massive dynamics.

• Vacuum tube Class A output buffer with up to 30V undistorted output voltage, easily compatible with any power amplifier.

• Four German WBT terminals for unbalanced signal input and output; Swiss NEUTRIK terminals for balanced signal inputs.

• Volume control: large 4-gang high-precision ALPS potentiometer made in Japan.

• Mains inlet: gold-plated Furutech from Japan; fuse: Schurter from Switzerland.

On its rear panel, the CV-3 preamplifier offers two XLR balanced inputs and four RCA unbalanced inputs. Both pairs of XLR connectors are manufactured by Switzerland’s Neutrik, while one of the RCA jacks is from Germany’s WBT. For outputs, there are two RCA and three XLR ports. Again, one RCA output uses a WBT connector and all three XLR outputs are Neutrik. 

Other fine details include an IEC standard mains inlet using a gold-plated Furutech model, and an internal fuse supplied by Switzerland’s Schurter.

The PM‑368 power amplifier also features a small window on its front panel, through which the rectifier vacuum tube can be seen. The UV meter below borrows craftsmanship from watchmaking. Its scale indicates power output ranging from 0 to 250W. The font colour of the meter face can be toggled via a rear-panel switch, with four colour options: green, red, blue and white.

The switch on the lower left of the front panel is labelled Class A. When engaged, the amplifier operates in pure Class A mode, delivering 250W (pure Class A into 8Ω) / 500W (Class AB into 4Ω). Even when driving a speaker load as low as 2Ω, this power amplifier can still deliver a formidable 1000W output. When the switch is released, the unit runs in Class AB mode for lower power consumption.

The switch on the lower right selects between XLR and RCA inputs. This allows connection to two separate preamplifiers, or selection of either balanced or unbalanced wiring configurations.

PSM‑368 Mono Fully Balanced Hybrid Tube-Solid-State Class A Power Amplifier

• Adopts an independent mono balanced amplification architecture; user-selectable Class A or Class AB output mode.

• The audio input stage uses vacuum tubes for voltage amplification, while the output stage consists of 24 high-power transistors forming a 0dB power output stage.

• Power supply built around a 1500W toroidal transformer and 160,000 microfarad audiophile-grade electrolytic capacitors.

• Unbalanced input terminals and speaker binding posts are German WBT; balanced input terminals are Swiss Neutrik.

• Mains inlet: gold-plated Furutech from Japan; fuse: Schurter from Switzerland.

• Front panel equipped with power output meter with multiple backlight colour options for clear monitoring of amplifier power output.

The PSM‑368 power amplifier also features a small viewing window for its vacuum tube, through which one seems able to glimpse the wonderfully vivid dancing notes of music. Mounted at the centre of the front panel is a power output meter that displays real-time power output, with a choice of multiple backlight colours — a thoughtful user‑centric feature. 

The PSM-368 also provides controls for Class A operating mode selection and XLR/RCA input switching on the front panel. In other words, users can freely toggle between pure Class A and Class AB operation. Audiophiles who pursue every nuance of sound quality may opt for pure Class A, while those mindful of power consumption can choose Class AB, letting each listener select the mode that suits their preference.

Filter capacitors of the power amplification section can be seen through the ventilation grille on the top cover. A total of sixteen 10,000μF audiophile-grade electrolytic capacitors are deployed here. The space at the front of the chassis is almost entirely occupied by a 1500W toroidal power transformer, supplying ample energy for the unit’s formidable output.

The isolated compartment near the rear panel houses the input-stage circuitry, fitted with three vacuum tubes. One ECC81 serves as the input buffer stage, while the other two are ECC88 tubes — one per channel — functioning as the voltage amplification stage to drive the transistors. The coupling capacitors between the input stage and driver stage are German Mundorf M-Cup silver-foil oil capacitors. The capacitors linking the driver stage to the power transistor circuitry are also Mundorf components.

This power amplifier therefore adopts a hybrid tube-and-transistor circuit topology. Vacuum tubes handle voltage amplification at the signal input. All vacuum tubes are custom-made by Czech JJ, paired with transistors to deliver current amplification at the output.

The rear panel of the PSM-368 power amplifier is also well appointed. Its mains inlet is a gold‑plated Furutech unit, and the internal fuse is supplied by Switzerland’s Schurter. There is one set of RCA and one set of XLR signal inputs, from WBT and Neutrik respectively. Two pairs of speaker binding posts are fitted to facilitate bi-wiring. 

Additionally, on the lower section of the rear panel sit a gain control switch and the selector for the power meter backlight colour. Regarding the gain setting: when activated, the amplifier delivers 2dB of gain; when deactivated, it operates at a standard 0dB gain. This feature was specially tuned to adjust the looseness and tightness of sound when paired with ATC loudspeakers. In other words, listeners can alter the playback character by switching the gain.

The amplifier’s audio circuitry employs a true fully balanced design. The rear-panel terminals, including speaker binding posts and RCA input jacks, utilise German WBT connectors, representing the industry’s highest standard. Balanced connectors are sourced from Swiss Neutrik, the mains inlet from Japan’s Furutech, and even the fuse is a Swiss-made component.

Furthermore, this power amplifier offers an extra tuning option. Under normal operation, the amplifier circuitry runs at 0dB gain. A +2dB boost switch fitted on the rear panel alters the softness and firmness of the sound. This accommodates pairing with different loudspeakers and preamplifiers, or enables fine adjustments tailored to the recording characteristics of various discs.

The PSM‑368 power amplifier adopts a hybrid tube‑solid‑state design. At the signal input stage, vacuum tubes perform voltage amplification and SRPP voltage driving. The output stage consists of 24 high-power transistors forming a 0dB power output section. It delivers up to 250W pure Class A power into 8 ohms, and a maximum Class AB output of 1000W into 2 ohms, demonstrating formidable driving capability. 

For components, the power supply features a 1500W toroidal transformer paired with 160,000 microfarad audiophile electrolytic capacitors from Japan’s ELNA for Audio. All internal audio wiring is Kimber Kable from the United States. Nearly one year was spent on the complete design and voicing of this amplifier.

The CV‑3 preamplifier and PSM‑368 power amplifier inherit the curved front‑panel styling from the A‑238. Their overall aesthetic differs markedly from earlier ShengYa products, with a much softer, rounded silhouette. The chassis of both units are built from thick aluminium with fine brushed finishing, delivering superb tactile quality.

Both amplifiers follow the high‑end design philosophy of full left‑right symmetry for their front‑panel layout. A small central window reveals the internal vacuum tube. Upon power‑on, warm orange LED light glows from within, creating an engaging ritual sense of anticipation.

Manager Leung of Likou Hi-Fi Introduces the Loudspeakers and System Matching

Manager Leung of Likou Hi-Fi gave an introduction to the ATC SCM-50SE Special Edition floorstanding loudspeakers. For this listening session in ShengYa’s demo room, the loudspeakers paired with the brand-new ShengYa CV-3 preamplifier and PSM-368 power amplifier are the British ATC SCM-50SE Special Edition.

The primary difference between this version and the standard model lies in cabinet design and manufacturing craftsmanship. The cabinet boards feature higher density, and the complete loudspeaker weighs 50% more than the standard variant. This yields superior cabinet resonance suppression, delivering cleaner, more transparent sound with effortless retrieval of fine details and large-scale dynamics.

The speaker employs a 25mm soft-dome tweeter, the renowned 75mm “soft dome” midrange driver, and a 9.5-inch SL ultra-low-distortion woofer. All these drive units are entirely developed and manufactured in-house by ATC. The tweeter’s magnetic circuit utilises neodymium magnets with magnetic flux as high as 20,000 gauss. Its voice coil adopts a double-suspension structure, enabling exceptional distortion control when reproducing large dynamic swings.

Naturally, as this is a specially customised variant, the lead time ranges from six months to one year. The cables used for this audition were selected to complement the neutral sonic character of ShengYa and ATC. For loudspeaker cabling, two pairs of American Kimber Kable cables were deployed for bi-wiring: the Reference XL series and the Carbon series.

For the full system setup of this audition, Kimber Kable Carbon-series interconnects ran from the CD player to the preamplifier, while entry-level No.2 balanced interconnects by German HMS were used between the preamplifier and power amplifier.

Power cable selection was equally meticulous. The CD player was fed by an Italian A.R.T power cord; the preamplifier used a power cable from German HMS, and the power amplifier was connected with Kimber Kable from the USA. A Canadian Torus Power TOT MAX power conditioner was also deployed to guarantee ample, clean power supply for the entire system. Housed inside this power conditioner is a large isolation transformer capable of delivering up to 8 amps of current, which is sufficient to satisfy the high-power ShengYa power amplifier.

Reposted from New Audiophile (New Audio Magazine) for WeChat Official Account