"Now, before everyone screams "The Mandarin", it is extremely unlikely that the film's producers would get behind a plot whose central villain was a Chinese character, especially one as flagrantly racist as The Mandarin. Word is that Lau (or whoever finally lands the role) would play a good guy - a Chinese scientist who comes to the aid of his old buddy Tony Stark (Robert Downey, Jr.) by providing him with some new tech that will help him battle Ben Kingsley's villain, but more importantly Aldrich Killian (Guy Pearce) and his Extremis biotechnology." ~reported James Marsh at TwitchFIlmThe actor is question is Singer/Actor ANDY LAU, for the 3rd IRON MAN movie, to be directed by Shane Black with a 3rd of May 2013 release date. It has also been reported that there will be "China" backing for the film financially, and that Iron Man 3 will be shooting on location in China (including Hong Kong and Shanghai).
Frankly, Andy Lau is not exactly a "thespian" in the realms of the silver screen (but then again, when has anyone asked for one in the first place?), but his commercial appeal is undeniable, especially in the Eastern part of the world, and as a foil to the charismatic "Tony Stark" (played by Robert Downey Jr), they would be on the same visual-level of 'good looks' and 'ability' that folks in the East might well crave, visually at the very least. Good call, if the casting ever goes thru tho, IMHO.