It's a very versatile phrase that can be used in different situations depending on the context. Here are some examples:
* "Que tienes?" - When asking about someone's physical state or feeling unwell.
* "Que tienes en tu mano?" - When asking what someone is holding in their hand.
* "Que tienes que decir?" - When asking what someone has to say.
The best translation will depend on the specific context of the conversation.