Based on this CV from one of the studio’s employees, It seems Ubisoft Shanghai is working on the next installment to the Far Cry series.
Very little has been revealed about the next Far Cry but Ubisoft Shanghai’s studio design manager Xavier Plagnal has been working as “content director on the next Far Cry” since September 2013. Xavier has previously worked on Splinter Cell: Blacklist’s Hunter co-op mode, NCIS: The Game, Beowulf, and an undisclosed Ubisoft RPG.
Ubisoft Shanghai previously helped the development of Far Cry 3 and whilst Ubisoft have not officially announced the game, they have said details will be coming soon. Is that E3 I smell?