Pereira was sacked by Wolves after defeat at Fulham on Saturday left them bottom of the table, eight points from 17th place.
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Shi said: “Vitor and his team worked tirelessly for Wolves and helped guide us through a challenging period last season, for which we are grateful.
“Unfortunately, the start to this season has been a disappointment and, despite our strong desire to give the head coach time and matches to find an improvement, we have reached a point where we must make a change.
“We thank Vitor and his staff for their efforts and wish them the very best for the future.”
Wolves Under-21 head coach James Collins and under-18 head coach Richard Walker have been placed in temporary charge.