What is FAWTY-FIVE-FIFTY?

Mildly derogative yet humorous way of greeting your asian friends. Derived from comedian Russel Peter's stand up shows.

Asian friend - "Hey guys...."

Other friends - "FAWTY-FIVE-FIFTY! AIE! How's it goin' down there? We was just talkin' bout you..."

FAWTY-FIVE-FIFTY - meme gif