Hoax is quite a strong word where there's been quite a few replication attempts with various degrees of success. Like others have said, we're not sure what this is, but it almost certainly isn't a hoax.
As for this video, well, it's like all the other ones that came before it, we'll know more once we have more data/videos/replication attempts.
The source[0] seems to be the Douyin (TikTok) user 炼丹师阿翔[1], who also posted a different LK-99 demonstration video[2] a few days ago that shows similar results to previous demonstrations by other researchers.
Yes but what research institute are they affiliated with? For all I know this is an pseudonymous TikTok user who is good at faking videos. Why should I take this for anything but complete fiction?
Certainly not making any claims of the legitimacy, just providing the original sources. There doesn't seem to be any attribution besides the anonymous account.
The Chinese subtitles in the first demonstration claim "further efforts will be made to reduce impurities", then the subsequent video claims "technical details will be published once they are properly organized and documented".
As for this video, well, it's like all the other ones that came before it, we'll know more once we have more data/videos/replication attempts.