Barack Obama is apparently sometimes called 奧觀海 (Ào Guānhǎi), where the first character sounds like the O of Obama and the other two mean "watching the ocean". Wiktionary reports:
The surname is a clipping of 奧巴馬/奥巴马 (Àobāmǎ, “Obama”), and the given name originated from a calligraphy given to Barack Obama during his trip to China in 2009 that contained the following four characters:
觀海聽濤/观海听涛 ― guānhǎitīngtāo ― Watching the ocean and listening to the roaring waves
This idiom-like phrase may be interpreted as a pun on the Chinese leadership, with “ocean” (海) referencing 中南海 (Zhōngnánhǎi, “Zhongnanhai; the central headquarters for the Communist Party of China”), and “roaring waves” (濤) referencing 胡錦濤 (Hú Jǐntāo, the Chinese president at the time), making this translate to “watching the central government and listening to President Hu”, something a Chinese ally would do.
See also Chinese Wiktionary, Baidu Baike, and a couple of references on Reddit; a web search for those characters will also show up lots of Obama pictures and references.