The former Middlesbrough boss' return to Molineux was rubberstamped on Wednesday.
Shi said upon Edwards penning his contract to 2028: “I know him very well and I have seen his growth. I have seen his performances in different jobs. He’s a very good person, he knows the club very well, he knows the city, the fans and he is very talented.
"When he was a youth coach, he showed the tactical awareness, but after he took first-team jobs he started to grow his own identity, character and leadership.
“Rob will bring new things to the club, and I think we truly have the base to work as a whole club – every member of staff will be linked to the first-team and the whole club will support the first-team to perform, and with him we have the base to do that.”
Shi also stated: “I think the club should reset. Sometimes in the past we tried to renew the old cycle, but at the moment I feel we need to refresh the whole club, the philosophy, but without a new coach, it can’t happen, because he’ll bring his own identity and ideas. After the takeover in 2016, it’s been almost 10 years, we are at a new chapter and Rob will be a key member for that.”
Edwards returns to Molineux, having been a former Wolves defender and academy coach.
“Nine years ago Rob helped us a lot in Paul Lambert’s team, and he coached the first-team for two games. We tried to get him into the first-team after Nuno came – it didn’t happen, but I’ve always rated his talent as a coach from beginning, when he was a youth coach.
“He left us for several years and did very well in different jobs, and sometimes I think it’s destiny of life. He’s reunited with us and I’m very happy because it’s not easy to have an old friend join us as the leader of the club, to start a new chapter for the whole club.”