Hey guys, I am not a pro but I have mained Shang since the game came out (and will continue to do so). Here are my thoughts on some matchups:
Raiden (3-7): This is definitely his worst match. Shang cannot punish the teleport with anything except a throw or a d+3. It usually turns into a jumping contest and waiting to punish blocked electric flies. It also helps to have him in the corner because when you pressure, his godly teleport puts him right next to Shang, which almost always results in a full combo. Even so, Raiden is very difficult to beat.
Kung Lao (4-6): This has to be one of my most frustarating matchups in the game. Shang's moves come out slow, so Lao can read the animation (upskull or groundskull) and punish accordingly. If you try to pressure, you are getting spun. The best hope is to anticipate the teleport with an upskull (thankfully, the tracking has not been removed for it). This will make him think twice about just throwing it out. If you can make him come to you without a teleport, you can mix up skulls to trap him and get a safe jump. Mixing in ground skulls will further throw him off.
Liu Kang (7-3): Even with the flying kick buff, Liu still has trouble getting in. He loses trades and is almost always forced to dash block in or fly kick. once he tries that, you can trap him with upskulls and then lock him in place with ground skulls.
Ermac (6-4) : Zoning at its finest. Ermac cannot outzone Shang, although he can mix in a few teleports to keep it interesting. Mac is forced to dash block in, which of course leaves him vulnerable to some of Shang's traps. Add to that Ermac's inferior up close game and you'll see that Shang has the advantage.
Scorpion (5-5)
Sub Zero (7-3)
Sindel (6-4)
Reptile (5-5): Reptile's only threat to Shang is the dash, which is difficult to antcipate and punish.
Kitana (5-5)
Johnny Cage (4-6): The EX kick buff made this matchup much harder. He has to be let in at some points, otherwise you risk eating an EX shadow kick that could very well send you into the corner.
Jade (4-6)
Mileena (4-6): A very annoying match. You are forced to fight close because she can teleport on reaction to the skulls. It's definitely winnable, but you must alter Shang's zoning game and take advantage of the D+4 into close skull.
Nightwolf (4-6)
Cyrax (5-5)
Noob Saibot (6-4)
Smoke (4-6)
Sektor ( 5-5)
Sonya (7-3)
Jax (8-2): Jax's ground pound mind game is nonexistent against Shang. It has slow startup so Jax will eat either a ground skull or a straight skull. Even with the EX punch, he has a very hard time getting in and staying there.
Kano (6-4)
Stryker (5-5)
Baraka (7-3)
Kabal (4-6)
Cyber Sub Zero (3-7): Difficult but not impossible. He likes to do the dive kick at about mid range. If this can be anticipated, Shang can throw a close skull and combo him. The ice parry can be toned down by the d+4 into close ground skull trap. At full screen he can attempt a dive kick, teleport, or freeze. The freeze can be traded with, while the teleport can be anticipated with up skull tracking. The dive kick can alos be anticipated with a mid or close ground skull.
Sheeva (7-3): I haven't faced any good Sheeva's (teleport spammers). Her stomp can be completely shut down with up skulls, which will knock her out of the air (the timing can be funny though).
Quan Chi (6-4)
Please let me know what you guys think. I realize that I probably have not have played every character at a high level, so you will have to execuse some of the ignorance.
... is better that Scorpion 
are better that scorpion air option. 
. I have to say, the way the matchup chart is coming out, Sektor is beautifully balanced. Anywho...