Meaning:

Originally referring to the renowned strategists Zhuge Liang (courtesy name “Kongming”) and Pang Tong during the Three Kingdoms Period (220-280), these names have now taken on a new meaning, serving as sarcastic monikers among Chinese netizens. This sarcastic usage gained popularity after the release of the Chinese comedy film "Hello, Mr. Billionaire" in 2018, where the protagonist Wang Duoyu nicknames his two investment consultants as “Wolong” and “Fengchu.” In the film, these advisers prove to be incompetent, consistently failing to provide sound advice. Consequently, the names of these ancient wise men are now combined to sarcastically imply that someone is foolish and makes themselves a laughingstock.

Example:

A: 你们部门招来的新员工怎么样？

Nǐmen bùmén zhāo lái de xīnyuángōng zěnmeyàng？

What are your thoughts on the newest member recently added to your department?

B: 卧龙凤雏之才。

Wòlóng fèngchú zhī cái。

He’s no good and botches every task given to him.