On the night of March 31, 1996, Phoenix Television officially launched in Hung Hom, Hong Kong, unveiling its golden station logo. Its early shareholders included Today's Asia controlled by Liu Changle, Satellite Television under Rupert Murdoch, and Huaying International representing CCTV. Before the launch, Liu Changle reported the station's stance to Beijing, establishing Phoenix's special political affiliation and licensing mechanism.
Zhou Beifang, suspected of illegally mobilizing massive funds from Shougang to help Deng Zhifang pay off gambling debts, was sentenced by the court to death with a reprieve, while Deng Zhifang escaped legal prosecution and safely retreated behind the scenes.
徐佳青表示，自己在1996年被中共列入黑名單，此後不能前往中港澳，但仍可前往日本、美國等民主國家。