Zhonya's Hourglass, the AP item whose active puts you in stasis for 2.5 seconds: invulnerable, untargetable, but unable to move or act.
team chat
in full english
He has Zhonya's, don't waste your ultimate.
the context
The character's name stands for the item: "zhonya", "zhonyas", sometimes "hourglass". "he has zhonya" means save your spells for the exit of stasis; "no zhonya" explains a death the item would have prevented.