It's a rip-off of another, weirder racist ad from Italy that took the opposite take of fetishizing black people instead of wanting to make them white. Though it's hardly better:
It's hard to say much about these ads besides, "Damn. That's really awful." You can say, for instance, that skin-lightening creams are very popular in China, and that some commentators have decried a "phobia" of dark skin among Chinese people. But it is still shocking that an ad like this was ever approved and aired.