iam: castrated, ke: chicken, than: take the opportunity (here: imitates), hang: phoenix, poe: fly(vb.)
In the countryside of Taiwan, chicken farmers used to castrate roosters to fatten them up and sell them for a better price. Now chickens can't fly very far anyway, and when they weigh as much as seven or eight pounds, they really can't fly at all. "A capon attempting to fly like a phoenix" means someone trying to do something with no regard to his ability.