That Jaxman looks exactly like Thorfire TG06, code 86782b takes it down to below $11. Don’t know about mode levels spacing but it has no memory and L-H-M mode sequence according to this review: Thorfire TG06 AA or 14500. Should be easy to replace the LED for Nicha and still about half the price of Jaxman.
quetzalcoatl, do Jaxman driver shows any sign of PWM in lowest mode?