That name is based on an old Chinese folk tale.It allegedly means 'the most wonderful thing in the whole wide world'.
Chinese folklore includes songs, poetry, dances, puppetry, and tales. It often tells stories of human nature, historical or legendary events, love, and the supernatural, or stories explaining natural phenomena and distinctive landmarks.
The main influences on Chinese folk tales have been Taoism, Confucianism and Buddhism. Some folktales may have arrived from India or West Asia along with Buddhism; others have no known western counterparts, but are widespread throughout East Asia. Chinese folktales include a vast variety of forms such as myths, legends, fables, etc. A number of collections of such tales, such as Pu Songling's Strange Stories from a Chinese Studio, now remain popular.
Tikki Tikki Tembo is a 1968 picture book written by Arlene Mosel and illustrated by Blair Lent. The book tells the story of a Chinese boy with a long name who fell into a well. It is a sort of origin myth about why Chinese names are so short today. The book is controversial because it appears to retell a Japanese story and because it does not portray Chinese culture accurately.