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Definition: A romanised code-mixing term used by westernised Hong Kongers to refer to the red packets of cash given as gifts during Chinese New Year. Even though the first character of the phrase should be pronounced as 'lai' or 'lei' with a short vowel in Cantonese, it is often pronounced as 'laai' with a long vowel when in romanised form, leading to the expression sounding like 'laai see' (瀨屎), which means to poop in one's pants in Cantonese.
Usage: E.g. Expat: Have you got any lai see during Chinese New Year? HK'er: Laai see? Sure! I have laaaai see today. Just kidding.Synonym: 利是Reference: https://www.cantonese.sheik.co.uk/dictionary/words/2007/
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