The winner has the option to receive the full amount dispensed over 29 annual payments or opt for a lump-sum, valued at approximately $783 million before taxes.
He donned a bright yellow costume to accept his winnings — it is traditional in China for lottery winners to claim their prizes in costume so they can remain anonymous.
The prize is one of the Lucky for Life drawing's largest, second only to a $1,000-a-day-for-life payout, and the man has plans to invest the winnings in his business.