WYSIWYG, this is definitely wrong.

HTML standard allows LI elements only in UL or OL elements. Look at the Document Type Definition for HTML and search for LI as a whole word.

You will find exactly four occurences:

1. where LI is declared as sole content of UL
2. where LI is declared as sole content of OL
3. where LI is defined
4. where the attributes of LI are defined