"Cha, founded in 2007, a decade after the handover, is the first Hong Kong-based English online literary journal; it is dedicated to publishing quality poetry, fiction, creative non-fiction, reviews and photography, and art. Cha has a strong focus on Asian-themed creative work and work done by Asian writers and artists. It also publishes established and emerging writers/artists from around the world."Cha has a very active blog located at asiancha.blogspot.com and I've been subscribing for quite awhile as they have proven to be a great resource for finding other Asian authors, illustrators, and literary sites. Here's an interview with founding co-editor Tammy Ho Lai-Ming from Lantern Review Blog, and a post about the etymology of the "Cha" name.
On the right side of their page are image links to past issues, with each issue showcasing a different header image. Kinda cool. Here are their submission guidelines. They are currently accepting submissions for Issue #13, to be published February 2011.