Please, Asians do put in much more study time - as do Jewish students. We could go into IQ, but more important is structure of IQ, which is why you can have a population that excels at study, comprehension, memorizing, but doesn't invent or create or develop a lot of breakthroughs. But I digress...
Asians study, do well. However, in admissions, they are only compared to other Asians, as Whites are compared to other whites, etc. This is a part of affirmative action no one talks about. When non-whites, including Asians, are compared against Whites, they will, over 90% of the time, get the nod over the white applicant, even if the white is a bit superior on grades, test scores, etc. I know, I worked for a school in the UC system - in admissions - until last year. AA hurts Whites, hurts Asians - but not as much as Whites, and it allows many, many, thoroughly underqualified Blacks and 'Hispanics' (a strange, ridiculous term) to enter schools they have no business in attending. All this does is make the qualified Blacks etc. look bad.
As for Mr. Li, other factors must be at work, because Asians with lower scores were admitted ahead of him. We are not hearing the full story. If he was accepted by Cal Tech, go there, as they still have somewhat high standards in comparison to the Ivy League schools which are becoming jokes. They are propaganda mills. Believe me, the UC schools are not far behind unless you stick to the sciences. There is a problem in the UC schools with 'connected' people getting in - just as in the Ivy League schools, most of them White, and a very disproportionate number of those Whites being Jewish. But the connected people have money and press clout, so you won't hear much about it.
Actually, the SAT has become ridiculous in itself. While it does (or did) test certain 'areas' of a persons IQ so to speak, the 'weight' of questions has been altered, the test has been recentered, and now there is the 'essay' - while the grading is supposed to be color blind, you can bet it isn't, as it is a fact that if you are non-white, you stand a good chance of being handed a great score. That's just the way it is right now.