It's dubbed the Colorful Balloons app, and, according to the Chinese app store's description, it works similarly to Facebook's (FB, Tech30) Moments app.
"Colorful Balloons can group users' phone pictures and videos based on time, locations and characters. It can help you create albums and share them with friends and family," the description reads.
The story was first reported by The New York Times and person familiar with the matter confirmed to CNNMoney that it is a Facebook app. But the Facebook name is nowhere to be seen.