I assume this is related to kanpai because of the phonetic similarity; at any rate, this is the Chinese version of "Cheers!" But there's a twist--it literally means "empty cup," so it's really closer to "bottoms up." You are expected to swallow your drink in a gulp, and it's extremely rude to not follow the directive. (As a corollary, it's extremely difficult to be a teetotaler businessperson in China!)

Often these are small teacup-sized cups, but with Chinese alcoholic drinks frequently sitting around 110 proof, this will still get you totally smashed in record time.