It Seems that Denafrips has started a Sister Brand or at-least has OEM agreements with Musician-Audio Company to manufacture Musician-Audio Pegasus DAC's in Denafrips Factory. When reviewers enquired about the source and whereabouts of the Musician-Audio Company, it is understood it has strong connection with Denafrips. When reviewers has asked the same with Denafrips Owner, he gave only evasive, vague replies and eventually that they have made some OEM agreements with other companies with non-disclosure agreements.
https://darko.audio/2020/06/kih-77-chinese-chimera/
audiophilestyle.com
Irrespective of all these speculations, Musician Audio Pegasus DAC costing $1100 has been reviewed to be as good as Denafrips Venus DAC costing $2900.
https://soundnews.net/sources/dacs/musician-audio-pegasus-r2r-dac-review/
https://darko.audio/2020/06/kih-77-chinese-chimera/

MUSICIAN Pegasus R2R DAC

Irrespective of all these speculations, Musician Audio Pegasus DAC costing $1100 has been reviewed to be as good as Denafrips Venus DAC costing $2900.
https://soundnews.net/sources/dacs/musician-audio-pegasus-r2r-dac-review/