* The issue is set entirely in K'un-Lun, with no Avengers present
* Centuries ago, Master Yu Ti had a recurring dream of a red-haired girl meeting the Phoenix and releasing a Dragon.
* In the streets of the city he finds a red-haired girl named Fongji, product of her mother's dalliance with an outsider. She does not talk
* Yu Ti and Lei Kung take her away to be trained as the Iron Fist.
* Present-day Lei Kung reads this account and is told by present-day Yu Ti that these records have been sealed until Phoenix returns. Yu Ti tells him he must teach Iron Fist what to do, because the fate of the world is riding on it.
Lots of pretty colors. There's an interesting visual effect of the girl's "dragon" symbol becoming a blended dragon-phoenix. But a little disappointing to read a New Avengers title with no, well, New Avengers.