My colleague Jason Tester found this on CoolHunting.com: it's called Rack Magazine.  It appears to be going for a young male audience and has a half-dressed woman kneeling down and...looking into an open oven (an oven! very "chinese street")...on the homepage.  Ａdidas is a prominent advertiser, but aside from that there's no sign of who's behind it.  Clearly I'm not the demographic they're aiming for, but what's with the different English opening pitch and the Chinese opening pitch? Here's the English:

WANT TO KNOW WHAT'S COOKING IN ASIA?/THEN OPEN YOUR EYES AND FEAST ON RACK/ FOR THE LATEST IN STREET CULTURE, FASHION,/ CULTURE, DESIGN, MUSIC, GRAFFITI, AND GENERAL MAYHEM/BILINGUAL/HOT/FITS RIGHT INTO YOUR BACK POCKET SO YOU CAN/EASILY TAKE IT HOME AND STARE AT IT FOR AS/LONG AS YOU WANT.../EVERYTHING A RACK SHOULD BE.../ASIA.THE WORLD.THE RACK

And here's the Chinese, translated:

RACK IS A CHINESE-ENGLISH BILINGUAL MAGAZINE COVERING GLOBAL STREET CULTURE, WITH AN EMPHASIS ON ASIAN-INFLUENCED YOUTH CULTURE. RACK IS THE ONLY MAGAZINE THAT CAN FIT IN YOUR JEANS' BACK POCKET OR IN AN LV BAG. SURVEYS HAVE SHOWN THAT ANY OBJECT THAT FITS IN A POCKET IS A GOOD THING. CHINESE BROTHERS SHOULD PAY SPECIAL ATTENTION, YOUR HANDS ARE TO BE USED FOR CARRYING YOUR GIRLFRIEND'S LV BAG.

huh? If it's all about chinese men, what's with the focus on the LV bag?

The first issue features a piece on a new kind of street funk from the Brazilian favelas (it will be interesting to see what the "asian influence" is); an interview with fashion photographer Klaus Thymann; an article on V-Nutz, a Shanghai hiphop producer; and the guy below, a TCM doctor who walks around all day with pearl-decorated needles in his face.