He has a point. Letv launched its Internet video streaming service three years before Netflix (2004 versus 2007). It was producing original movies and series long before Netflix rolled out House of Cards. And in recent years, the Chinese behemoth has expanded in ways Netflix hasn't: It sells TV settop boxes and smart TVs—devices that can help you watch all that video. "We want to control the screens too," says Li, the ex-Googler who is head of data analytics at Letv, a company with a $12 billion market cap.

What's more, the company soon will move into the US, encroaching on Netflix. Li will lead the effort, bringing Letv's video streaming service, its original programming, its Apple-TV-like settop boxes, its smart TVs, and, now, smartphones.