Basically, "fuck my dick" or "I don't understand you!" It's extremely racist to Asian people, especially Chinese people. You can use this to mock something you hear in Chinese
Jacky: *says something in Chinese*
Austin: Ching chong my ding dong!
Jacky: Huh?
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The exclusive phrase for Chinese people who can speak english to ask people on Omegle "do you wanna suck my Asian dick"
Chinese guy: Hello you want to Ching Chong on my ding dong
Random person on Omegle: what the fuck did you just say
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