YY, founded in 2005, is a major Chinese-language social media platform that boasts more than 122 million monthly active users. That's not yet a world-beating number — for comparison, Facebook's Instagram reportedly has more than 700 million monthly active users — but company founder David Li says he's aiming for the top.

"When we pitched our model to American investors a few years ago, all of them disagreed," Li told CNBC in Mandarin. "They think that advertisement is the best revenue model and still refuse to admit that there's actually a better model besides that."

Started as an online gaming web portal, YY has transformed itself into an entertainment platform featuring music, live game broadcasting, online dating and education. But what makes YY a leading player in China is its live-streaming feature, which helped set off a sensation in the world's second largest economy.

On paper, the platform naturally competes with other live-video providers like Facebook, YouTube, Twitch and Twitter's Periscope, but its robust social element has also led to comparisons with apps less focused on live like Instagram and Snapchat.

YY's live-streaming app stands out because of its virtual-gifting function: To show their appreciation, audience members can purchase and send pictographs to broadcasters that can be converted into real-world cash. So, for broadcasting activities such as singing, dancing or even eating a pizza, a live-streamer can earn cash-convertible flowers, hearts or Lamborghinis.