According to Deadline, Marvel is "fast-tracking" Shang-Chi to be their first tentpole franchise with an Asian hero taking up the title role. The script will be penned by Chinese-American writer Dave Callaham, and the studio is currently considering a number of Asian and Asian-American directors to helm the project.
Callaham's resume already includes a couple of superhero-related bullet-points. He was a co-writer for the upcoming Wonder Woman sequel: Wonder Woman 1984, and he's also helped with Marvel's script for Spider-Man: Into the Spider-Verse 2. On top of those he put together the initial draft for the soon-to-be-produced Zombieland 2, helped re-write Ant-Man, and wrote the first draft for the newest Godzilla reboot.
Deadline adds that Marvel is planning to follow-up on the strategy they used for Black Panther by introducing "a new hero who blends Asian and Asian American themes, crafted by Asian and Asian American filmmakers." Additionally, Shang-Chi's on-screen version will be "modernized" to avoid stereotypes a number of minority comic characters were given back when they debuted (Shang-Chi made his first appearance Special Marvel Edition #15 back in late 1973).
As is the case with more unknown superheroes you may need a very, very basic buffer on Shang-Chi. Well, according to Marvel's website (possible spoilers...maybe):
Shang-Chi is the son of an internationally-renowned and powerful criminal mastermind. His childhood was a lonely one, full of constant training in rigorous mental and martial arts and with only limited contact with his parents.
Finally, the day had come. While still a teen, he was given his first mission outside the walls of his father’s retreat in Honan, China. He was to assassinate his father’s enemy. As he knew nothing but that his father was a great humanitarian and savior of mankind, Shang-Chi felt nothing short of unquestioning loyalty. He stole into his victim’s home in Mayfair, London, and delivered his killing strike! Almost immediately, he was confronted by another of his father’s enemies, Sir Denis Nayland Smith, who told Shang-Chi the truth about his father’s evil deeds. Shang-Chi’s mastery of kung-fu enabled him to escape, but he sought out his mother, who confessed the truth as well. Shang-Chi, finally aware of his father’s manipulations, declared himself to be his father’s mortal enemy, devoting his life to the overthrow of his criminal empire.
For more info, here's the extended rundown from Marvel.