I wasn’t expecting Star Wars to get in on the CNY festivities, but here it is:
The pun is (in traditional characters originally):
In simplified, that’s:
新年快乐 means “Happy New Year.” The pun replaces 新 (xin: “new”) with 星 (xing: “star”). The two are both first tone, and do sound very similar in Chinese (in fact, many native speakers don’t carefully distinguish between the “-n” and “-ng” finals of many syllables), and Star Wars in Chinese is 星球大战 (literally, “Star War(s)”).
Thanks, Jared, for bringing this video to my attention!