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Shang-Chi is the son of the 'comic book Mandarin'

The MCU Mandarin is the elite leader of a group called the Ten Rings, a group of ten criminals around the world - including Norman Osborn, the Black Knight, and Achebe.

The main plot of the movie is Shang-Chi being recruited by SHIELD to take down his father's organization.

It is revealed that Tony Stark was originally meant to be a member of Ten Rings when he was captured, but his escape prevented that, leading to Osborn's appointment.

The main villain, besides Mandarin, is Black Knight, who Kevin Feige really, really likes. Currently, Gerald Butler is in talks to play him.

The big reveal at the end is that the Mandarin does really have ten magic rings that tie to the cosmic MCU, and there will be a massive battle between father and son.