The virtual DOM is an implementation detail (riot could re-render everything on each change), but it's what makes React fast, and good for handling big apps.
I don't think you can call a lib "react-like" if it doesn't have something like the virtual dom diff. You could say it has react-like syntax, maybe.
That said, I have been following riot for a while and I always liked its minimalistic approach. Maybe I will give it another look now that it is 2.0
EDIT: I somehow missed the big subtitle which says "Virtual DOM" on the website. It clearly states that Riot has something similar to React's. I can't explain know how I managed to not see it. Thanks to everyone who called me out.