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It is keyholing. It happens when as you can see the bullet loses stability and tumbles in the air before hitting the paper sideways. It can be caused by many things. Insufficient rifling twist for the length of the bullet being used is one of them. The bullet hitting the ground or something else before hitting the target is another possibility.
Either way, it isn’t a desirable thing and indicates that something is wrong. The fact that the PLA members are proudly posting pictures of a bunch of keyholes randomly splattered all over a target like that suggests that they think this is normal and that therefore they don’t know what they’re doing.
The term “keyholing” is also sometimes erroneously used to refer to when two bullet holes are touching on paper.
The standard “ball” bullet used by the Russian military, at least, in the 5.45x39mm is designed to easily tumble once it is inside the target. It is more of an effect of the bullet’s construction and fine tuning of the rifling twist rate than the caliber itself. But it is still supposed to remain stable with the nose pointed forward when traveling to the target. Otherwise it becomes extremely inaccurate and loses its velocity very rapidly, which causes it to fall short.