Li-Ming by ArchRanger

Tier 1:
Charged Blast: Increases Basic Attack Damage by 10%
Power Hungry: Globes instantly refills Arcane Power. If full, reduces cooldowns by 25% for 2 seconds (does not stack with additional globes)
Astral Presence: Globes increase max Arcane Power by 2
Arcane Mines(W): Places an Arcane Mine every 4 seconds while Arcane Torrent is being channeled. Mines do light damage and slows opponents by 20% for 2 seconds

Tier 2:
Spectral Blades: Adds a cleave to basic attacks
Flame Ward(Q): Reduces damage taken while channeling Arcane Torrent and adds a small DoT
Flash of Insight: Every 5 basic attacks charges your next ability:
-Arcane Torrent/Hydra (10% increased power for 1 second)
-Slow Time (increases duration by 1 second)
Envenom

Tier 3:
Electric Hydra(W): Attacks by the Hydra now jump to a second nearby target for 50% damage
Speed Walk(E): Increases Li-Ming's movement speed by 20% within the time shell
Arcane Master(Q): Reduces Arcane Torrent cost to 16 (4 a second with Arcane Power)

Tier 4: Heroics

Tier 5:
Glass Cannon: Ability damage increased by 10%, damage taken increased by 15%
Familiar: Add a permanent familiar to Li-ming that attacks nearby heroes for 1.5% of their max HP. The attack speed of the familiar matches Li-Ming's attack speed
Sentry Serpent(W): Increases the attack range of the Hydra by 30%

Tier 6:
Freeze Frame(E): Increases the slow by 10%
Stretch Time(E): Increases the attack speed of allied heroes by 15% within the time shell
Synchronized Strike(W): All hydra heads attack the same target at the same time and gains 20% increased attack speed
Glacial Spike: Adds a stacking 5% slow onto basic attacks. Stacks up to 15% and lasts 3 seconds

Tier 7:
Meteor Shower(R): Adds two extra meteor strikes to the original impact for 30% bonus damage each and doubles the smoldering crater time to 6 seconds
Supermassive Blackhole(R): Increases the pull strength by 25%, the duration by 2 seconds, and the singularity damage by 50%
Teleport: Hero unique "Bolt of the Storm", cooldown 40 seconds
Diamond Skin: Hero unique "Hardened Shield", cooldown 50 seconds

Li-Ming is a powerful zoning specialist. Think Gazlowe with more emphasis on CC but each still have their own strengths (Li-Ming isn't suppose to replace Gazlowe either). Li-Ming is unable to capture camps as efficient as Gazlowe due to her kit being more CC oriented than damage which makes her struggle when trying to capture any camps larger than Siege, mostly due to the hydra not able to tank damage like Gazlowe's turrents can. Where Li-ming really shines though is when pushing lanes and in the backline of team fights..

With arcane torrent and hydra, Li-ming can help her minion waves push fairly well with extremely low costs to her due to her fast replenishing mana. This means the enemy will need to match up an equally strong lane bully to help counter her strong pushes. With team fights, Slow Time is a powerful initiator to couter melee heavy comps or great for escapes when the enemy lacks any closers. Hydra is an poking mechanic that can deal great damage to targets if the enemy doesn't reposition themselves or have a strong tanky frontline to absorb the damage. Overall, she has the utility to thrive in both PvE and teamfights hopefully on the same scale as Nazeebo and Zagara.

Builds:
Li-ming has several viable builds that can be focused around zoning, basic attack, crowd control, or split-pushing.

Basic Attack Build: Charged Blast, Spectral Blades, Arcane Master, Heroic, Familiar, Glacial Spike, Diamon Skin
Zoning: Power Hungry, Flash of Insight, Electric Hydra, Meteor, Sentry Serpent, Synchronized Strike, Meteor Shower
Crowd-control: Astral Presence, Flash of Insight, Speed Walk, Blackhole, Sentry Serpent, Freeze Frame/Stretch Time, Supermassive Blackhole
Split-push: Astral Mines, Flame Ward,  Electric Hydra/Arcane Master, Meteor, Sentry Serpent, Synchronized Strike, Meteor Shower