It looks like the HFM diaphragm is stick to the stators. Most of the diy estats failures I encountered were due to conductive coating problems causing the buzzing sound.
I found a frequency response test of Shang-mini, and it seems that the mini driver is a reduced tension version of the Jade2. Considering the diaphragm size(Jade2 and Shang sr are almost the same area as the 90mm Omega), the DS-gap of the Shang jr/sr is 0.7mm+, while the Jade2 is 0.5mm. For low-tension diaphragms, 0.5mm DS-gap is difficult to work stably.
I can understand the "hangs there in mid-air" of HFM estats. The bass of HFM estats are even weaker than many Lambdas. The main reason is that HFM adds additional gaskets on the stators for support to prevent the low-tension diaphragm from sticking to the stators, but the gaskets will significantly suppress the diaphragm swing, and the overly breathable design of the HFM earpads also make it impossible for the low-tension diaphragm to work like many planars. Perhaps this is what HFM thinks is good, cause there are many treble heads audiophiles.