The most common and most likely answer to this crossword clue is the 7 plus 3 plus 4 letter word CHINESE NEW YEAR
I've seen this crossword clue in The Guardian
C
H
I
N
E
S
E
N
E
W
Y
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A
R
More clues leading to the result CHINESE NEW YEAR
Buddy explains!
The straight part
We know that "Eve/nt" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case eve/nt = chinese new year.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.