Due to the rarity of a panda, this term refers to someone who has a white upper half and a black lower half. The two most rare and admirable traits (usually).
For men, an attractive white girl with a big ass.
For women, an attractive white male (with a secure financial future and possible trust fund) and a big dick.
We're going to that new club to go Panda Hunting , it's a little sketchy but I'm gonna make some bitch call me Steve Irwin