He's becoming Shang-Chi's arch-enemy in the movies. And he does have the same powerset as Shang-Chi, i.e. martial arts and ability to enhance their bodies with mystic chi.
On the other hand, the Mandarin has a bunch of other things that put him out of Shang's weight-class: i.e. the rings, genius intellect, enormous amounts of money and criminal/corporate/politic power.
And of course there is the weight of history. Then again history doesn't matter much in comics anymore.
I dunno. What do you think?