A record 3.2 million yuan (US$464,471) was paid for the car registration mark V99999 in Guangdong province, a number considered auspicious by the Chinese.
The license plate was among 80 offered at an auction in Qieyang city, state news agency Xinhua reports.
The net proceeds from the auction went to a charity fund for victims of traffic accidents.
However, details of how and where the money is spent is not known. The government does not disclose this information.
Bidding for the V99999 mark started at 500,000 yuan and quickly picked up as players weighed in.
The entire process took just one minute and 46 seconds.
Netizens said the winning bid came to 4,751 yuan per gram of the license plate, 16 times the price of gold at 271 yuan per gram.
The buyer, surnamed Xia, told reporters that the number was well worth it.
In 2014, the registration mark V88888 was snapped up for 2.5 million yuan, a national record at the time.
But some netizens complained certain numbers were withheld by the auctioneers, depriving people of the opportunity to obtain them at random.
In Guangzhou, auctioneers trialled a system where users could pay a premium of 5,000 yuan for a registration mark that includes one 8 digit, 10,000 yuan for two and 25,000 yuan for three 8 digits.
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