I know nothing about the character or anything surrounding it, but the prospect of a martial arts MCU movie with Simu Liu has me quite excited.
Dad was a terrorist in charge of a organization that is best summed up as Marvel's version of the League of Assassins with clans that specialize in various weapons and techniques. Shang Chi grew up in the terrorist lifestyle before realizing he wasn't about that life before deciding to use what he'd learn to become the master of Kung Fu and defeat his father and the criminal empire that stretched back to Imperial China, if not longer.
His dad died, the organization kinda went ehh and has popped up here and there and Shang Chi floated around a bit until he started to get more boosts in the mid-2000s because Brian Bendis. And in spite of how the movie may set it up, he's not related to the Mandarin in the comics but to another racist charicature named Fu Man Chu who was so racist, Marvel just ignored him instead of giving him a rebrand like they did the Mandarin.
His dad didn't become an actual person until this past decade.
And even though his tagline is "Master of Kung Fu", Shang Chi does more than that and is actually the best melee fighter in Marvel (behind Gamora) and could probably pull off all of Iron Fist's DBZ chi shit if he didn't think it made things too easy, lol.
He also taught Spider-Man martial arts with Petey lost his Spider-Sense and didn't listen to Piccolo.