The Japanese art of paper folding.
We taught the girls how to fold Origami on small, square colored paper. The paper needs to be fairly thin so that the folds don't get too bulky. You can also buy paper that is specifically made for Origami. We started with a paper crane and told them about the tradition that if you can fold 100 paper cranes in your lifetime, you will have your wish. Most of the girls had their paper cranes done fairly quickly, so they learned to make several different types of folded paper creations.
We also talked about some of the Chinese New Year traditions and beliefs.
For snack we had Fortune Cookies.
There are many books on origami as well as resources on the web. If you run a search for "Origami", quite a lot of sites come up with diagrams and instructions.