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"Ye" is NOT Kanye; instead, it means Grandpa, or "Lao Ye," and often refers to someone from the upper class who has nothing to worry about in their life. Beijing is the capital of China, where most riches live. Thus, the term means something like "Rich Mf from Beijing." The term is made famous by a video clip in which an old grandpa-looking dude talks about how he lives free of worry in a hilarious way.
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