Photo: Screenshot of Taobao

Controversial Chinese billionaire Li Guoqing is in online hot water again for imitating Warren Buffet and offering an hour-long luncheon with himself to the highest bidder.

Li, founder of Chinese online bookstore Dangdang.com, has been in the public eye for numerous reasons since late 2019 when he sued he wife Yu Yu, a co-owner of the company, for divorce which is still working its way through court.

Li announced on China's Twitter-like Sina Weibo that the auction would be conducted on Saturday, during his first livestreaming show on the online commercial platform Taobao.

The Taobao platform shows that 86 people had bid on the luncheon as of 1:40 am Friday, with the highest bid exceeding 2 million yuan ($283,125). The opening price was 1,000 yuan.

When Buffet held his luncheon auction in China, people were envious of those who attended. Chinese netizens, however, are mocking Li's auction, and recalling his previous controversies, including smashing a cup in anger during a media interview and the time he stormed into Dangdang's office in Beijing and took the company's seals, which are used to verify company documents.

"What do those biding for lunch with Li Guoqing expect to learn? How to steal seals?" a Weibo user commented.

"Try not to smash any cups during the lunch," wrote another.

Li and Yu were together ranked 573rd on the Hurun Rich List 2019 with a fortune of 7 billion yuan ($991 million), according to media reports.