Wolves are now down after Crystal Palace and West Ham drew 0-0 on Monday night.
Shi wrote in response: "Confirmation of our relegation is a difficult moment for everyone connected to Wolves.
"While this is a deeply disappointing outcome, work has been underway since my arrival in December to ensure we are ready to respond with clarity and conviction.
"We are clear on what needs to improve, and our focus is now on strengthening the club, building momentum and creating a team our supporters can believe in.
"We know what is required and will approach the months ahead with purpose.
"We know this season has tested your loyalty and patience. Your backing, home and away, has not been taken for granted. You deserve better and giving you a club you can genuinely be proud of is what drives everything we do from this point forward."