Late magic
"I had honestly no clue that this was going to happen," Li said. "I did not think I was in it at all. I mean, after two three-putts in the first four holes I was just like, I don't know.
"And then some magic came and I shot 60. Even though I didn't win, just this is the greatest thing."
She briefly took the solo lead on 14-under with an eagle at 14, where a superb second shot left her a four-foot putt.
She drained a long birdie bomb from off the green at the 15th and had a two-shot lead after her eagle at the 72nd hole.
But first-round leader Jasmine was hot on her heels. After three front-nine birdies, she kept the pressure on with birdies at holes 10, 11, 13, 14 and 16.
Her chances of joining Li atop the leaderboard appeared to take a hit, however, when her tee shot at 18 sailed right and hit a cart path.
But her second shot from sparse rough left her a five-footer for eagle and she made it to complete her 61.
"Somehow it went straight, right at the pin," she said.
South Korean Kim Sei-young carded a nine-under 63 for solo third on 197.
Overnight leader Ashleigh Buhai of South Africa and Thailand's Arpichaya Yubol were both within striking distance on the back nine.
But Yubol's challenge faded with a bogey at the easiest hole on the course, 14, where she hit her tee shot into the hazard left of the fairway.
She closed with a 66 to share fourth with Japan's Mao Saigo on 199. while Buhai's 69 left her in solo sixth on 200.