The main point of this event is to stop Hi-Pan's master plot before its enacted.

Short Version is obtaining the following two Dailies and turn in the quest:

• Streets Run Red
  
• Fury of the Dragon

Now for the Long Version.

The daily for these quest should be given by Drifter. The Red Banners are all scatter around Millennium City searching for artifact. Your job is to defeat a number of groups of Red Banners and collect these artifacts.

• Earth
  
• Fire
  
• Heaven
  
• Lake
  
• Lightning
  
• Mountain
  
• Water
  
• Wind

Its easier to spot these group outside of the Red Banner's Turf since you're not confusing the event Red Banners with the normal Red Banner in Chinatown. They all have a chance to drop those artifact. If you're still missing one or two of those artifacts, back track to any of the Red Banners you defeated earlier and see if they have a drop you might forgotten to pick up. Once you defeated the required number of Red Banners and obtain all the artifacts, head to Chinatown and turn them to Ng Mui. Then turn in the daily quest to Drifter.

Be sure to get the Daily Quest from Drifter, and if able, check with Lt Patil to see if he offers the Alerts: Fury of the Dragon is available. You might as well get those SCR on the side. He is found next to Defender in front of the Powerhouse Entrance.

Queue Hi-Pan: Fury of the Dragon. It should be the bottom of the Alert bar while the event is up. In this mission, all travel powers are disable. If you're defeated, you will be spawned back to the starting point, so try not to die. You and your teammates should be able to defeat every Red Banners group with ease. Knock them off the floating island also count as a defeat. When you enter the final area, a cutscene will play.

From here, your main objective is to defeat Hi-Pan. As long as you're blocking his attack and healing yourself, Hi-pan shouldn't give you or any of your team mate an issue. There is also a time limit, but the time limit is laughable long and you shouldn't run out of time during this fight. The problems comes with two other factor that is happening during the fight.

The first one is the Yin and Yang Circle that periodically spawns underneath a player or Hi-pan. If you or any of the team mates touch the Yang (Black Dot and the Black Half of the circle) part of the circle, you will take decent amount of damage. If you're a Melee character you either stay in the center of the circle or get out of the circle. Try to pull Hi-pan out of the circle if you do have the aggro and if he is on the circle. There is another effect to the Ying and Yang Circle. If a player ran around ahead or on the Ying (White Dot and the White Half of the circle) part of the circle, you will get a buff stack that will increase your damage output, with the max stack of 30. Try not to kill yourself trying to get this buff since its a long way back from the spawn to this room if you died.

The second factor is the giant celestial dragon that is spiting fireball into the arena. The combination of this and being attack by Hi-pan can overwhelm a DPS player. This can be prevented by hitting the giant gong, which will cause the dragon to stop attacking the players. The dragon will come back and attack, however. Once you're done with the fight, collect the reward and turn all the daily quests.