From Dragon Ball Encyclopedia, the ''Dragon Ball'' wiki
Super Saiyan Gotenks raises his index finger into the air and circles it above his head to create a yellow ring of energy. He then transports the circular energy ring over his opponent and lowers it around them, gripping and trapping them.
Dragon Ball Z
Super Saiyan Gotenks attempted to use this attack to encircle Super Boo and cut him in half. Super Boo managed to break free of the Galactic Donut, however, much to Super Saiyan Gotenks' surprise. Super Boo later used the technique against Son Gohan and charged a Super Kamehame-Ha as Gohan was struggling to get out of the Donuts, but Gohan manage to break out of the Galactica Donuts at the last second.
Galactica Donuts is named in the Budokai video game series and is one of Gotenks' ultimate attacks in his Super Saiyan and Super Saiyan 3 forms. In these video games, Gotenks succeeds in capturing his opponent and finishes them off by firing a massive Kamehameha.
It later appeared in the Budokai Tenkaich video game series and Dragon Ball Z: Supersonic Warriors 2 where Gotenks can cause it to squeeze his opponent and then explode. In the Budokai Tenkaichi video game series, Super Boo (Gotenks absorbed) is able to fire a series of three rings to crush his opponent and make them explode. It is slightly similar to Vegeta's Energy Rings.