I dont think so.
Gong Xi: wishing/blessing
Fa: enlarge(ment)
Chai: wealth
So the translation is that you wish someone will become very rich, but the phrase is generally used as Happy New Year.
CMIIW, Im no chinese.
Anyway,
Happy Chinese New Year
Well yeah, its something like that... When going to my uncle/aunt house at Chinese New Year, we always said "Kiong hi" (same with "gong xi", but in Hokkian, the language I use to said everyday) to them... Its tradition...
Btw where is Angpao from Moto Hell...? LOL