I recently bought a second DMM with PC connection so I though I would go back to this charger to simultaneously log the current and the voltage behavior. Here are the measurement results:
The plot shows a few interesting things. First of all, the charger works in the true CC/CV mode. What was surprising and made me misinterpret it before is that most of the CV phase is performed
after the LED turns green. It means that if you remove the battery when the LED turns green, it will be undercharged (by ~20% IIRC).
Another important information is that in the measured charger the current started at ~330mA and dropped fast to 310mA. This charger can be used to charge 300mAh and bigger 10440 batteries, recently discussed in many threads.
What is worrying is that the charger unfortunately has a low trickle charge current after the CV phase is finished. You can see the jumping current at the end of the graph when it approaches 0.
I have performed a little more detailed test measuring the voltage on the 0.1 ohm resistor connected in series with the battery to confirm that the trickle charge current is there. It is - at the end of the charge the HG-103W9V switches to the strange mode where it pulses the battery with current pulses of max 7mA (as measured by my DMM). This mode lasts for hours so I suspect it is permanently there. I don't have a scope to look at it, but the battery feels these pulses. They don't let it go below certain voltage (4.176V in my test) but when the charger is unplugged the voltage starts to go lower.
I don't know how this trickle charge affects the battery. If my measurements are correct, it is really low - less than 7mA and because of pulsing probably more like half that value. I think that with such a low trickle charge you can safely leave the battery in the charger for hours but you shouldn't do it for days.
To conclude, I still think that this charger is much better than most budget charger alternatives out there. It does some strange things but if used correctly it should be ok. If I was using this charger, I would remove my batteries when the LED turns green if I wanted them to be slightly undercharged or leave them in the charger for a few hours (but not much longer) to top them off to the full charge.
The usual problem is that I measured only my charger - you may get a completely different version looking to be the same. The batteries behavior will probably also differ for different capacities so e.g. additional two hours may be slightly too much for 10440s and too little for 18650. As always, if you want to be completely sure you have to measure the charger that you bought in the configuration that you use