Former Millwall manager Jackett, 54, joined Wolves in May 2013, taking them back to the second tier at the first attempt with a record total of 103 points, after successive relegations.
The following season Wolves came seventh and only missed a playoff spot on goal difference. Last term they struggled to a 14th place finish in the Championship.
“I would like to sincerely thank Kenny for everything he’s done for Wolves over the last three years," Shi said.
“He’s shown true professionalism during his tenure and over the course of the transition to new ownership. I would like to wish him all the very best for the future.”
British media reported that the Fosun conglomerate had paid about 45 million pounds ($59.54 million) to buy the club, with the new owners prioritising a return to the Premier League.
Morgan, who had owned Wolves for nine years, had said in an open letter to the fans that Fosun had pledged to invest 20-30 million pounds in the club over the next two years.
Wolves, who were founder members of the Football League, were relegated from the top flight in 2012. Their heyday was in the 1950s when they won the English title three times.
($1 = 0.7559 pounds)
(Writing by Ken Ferris; Editing by peter Rutherford)
