Ah, the latest offering from the (latter-day) Meme Renaissance.
There is the "historical" context, which is outlined very well on KnowYourMeme. To quote:
Prior to January 20th, 2020, Kuaishou user zaq13520000789 posted a video of himself rotating in the snow while singing Chinese song "Yi Jian Mei" ("Spray of Plum Blossoms").
It was then incorporated into the "This Collab Needs to Happen in 2020" trend, and made its way onto YouTube.
The rise in popularity in May 2020 came with its edited version on Tik-Tok as well as Instagram and Twitter; on Tik-Tok it is paired with Deep Fried visuals. The distinctive physical appearance of Zhang Aiqin has also aided with its popularity.
As for the meaning, it falls in line with the "deep-fried conversation", referring to clichéd conversations (and meme formats). This video / reply is generally used (at the moment - June 2020!) on these platforms to dismiss a conversation or provide a humorously irrelevant response.