According to Deadline, Wang Xuequi has joined the cast of Iron Man 3 where he will be playing an original character named Dr. Wu. The part won’t be a big one, but because Marvel has struck a distribution deal with DMG, a Chinese distributor, you can expect Xuequi to still have an impact on the movie.
Production on Iron Man 3 is following a recent Hollywood trend of teaming up with Chinese companies and shooting in mainland China in order to get the country to promote these movies heavily and show them on more screens than other U.S. films. It's also up to the production to show China in a positive light, which is why the villainous Mandarin (Ben Kingsley) went from being of Chinese descent in the comics to being Middle Eastern for the film.
We'll see if Dr. Wu is portrayed as a hero when Iron Man 3 debuts in theaters on May 3, 2013.