We already know that renowned Yu Suzuki, the creator of Shenmue, wants to continue the series. Though we have no solid information if Shenmue IV is in development or if it ever will be. Lakshya Digital, the studio who worked in collaboration with Ys Net on the character models from Shenmue III, made a post on Facebook.
Lakshya congratulates YS Net Inc. on the release of Shenmue III. It was an honour for Lakshya to work on this iconic game. Many lucky ones from Lakshya got the opportunity to create 83 characters over a period of almost one year. It is thanks to the confidence placed in us by Yu Suzuki san, CEO, YS Net Inc, and the entire team, that we could be true partners and provide effective solutions to deliver high quality content at the best value. We look forward to working on Shenmue IV very soon!
Posted by Lakshya Digital Pvt. Ltd. on Saturday, December 14, 2019
In the post they congratulate Ys Net on the release of Shenmue III, saying that it was an honor for them to work on such an iconic game. At the end of the post they also say that they look forward to working on Shenmue IV very soon.
I doubt this is a confirmation of Shenmue IV being in development and even if it did the release date would probably be years away. Still, Shenmue IV might be happening sooner than we thought and fans will probably be very happy if it does end up being true.