A colloquial, jazzed up way of saying someone was punched in the head with the intent of the perpetrator being to knock them out.
A word the Australian media is known for overusing as a buzzword, similar to how the media in the US kept calling a recent trend of innocent people being assaulted with a punch to the head "the knockout game".
A 25 year old man was king hit last night in Kings Cross, becoming the 6th victim of the king hit epidemic sweeping the nation, you may be next