It was the second year in a row that a buyer from the southern Chinese city had snapped up the top item at the annual Worldwide Alba White Truffle Auction held in northern Italy.
Last year a consortium of investors paid 95 000 euros for a 1.2 kg fungus. The Guinness Book of Records later confirmed it as the most valuable truffle bought at auction.
The winner this year outbid buyers from Paris, London and Grizane, in Italy, where the auction, now in its eighth year, is held.
As happened last year, the truffle will be cooked by chefs at Hong Kong's Ritz-Carlton Hotel, which sponsors the city's annual bid, and served to diners at a charity dinner.
Image: Italy, Grinzane Cavour: A 1.59kg white truffle is displayed during the truffle auction at the castle of Grinzane Cavour at the end of the 76th Alba White Truffle National Festival. The truffle fetched 125 000 euros and was sold to an anonymous bidder from Hong Kong. AFP PHOTO/GIUSEPPE CACACE