The CEO of YY is David Li and a major investor in YY is Lei Jun, the CEO of phone company Xaiomi.

FORBES: China's YY Expects $90 Million IPO For Its Social Platform

One of the most popular uses of YY is for karaoke, where one person will sing while others follows along and chat with each other on text chat.

FORBES: YY.com: China's Unique Real-Time Voice And Video Service With A Virtual Goods Twist

The YY listing is seen as an ice-breaking move to revive the U.S. IPO market for Chinese companies.

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But in fact, there are a number of China tech startups innovating in areas unbeknownst to many in the West. (Virtual goods, which originated in Asia, is a good example.) YY Inc.

FORBES: YY.com: China's Unique Real-Time Voice And Video Service With A Virtual Goods Twist