This news comes to us from the competent and cautious folks up there yon at The Beijinger, who in turn picked up the item at something called "Isis - The Bob Dylan Magazine." Here's The Beijinger blog post and here's the root of it all at Isis.
Just the rumor as it pertains to people in this city: Dylan in Shanghai on April 8 at the Shanghai Grand Stage.
Confirmed? Nope. Will it happen? I dunno man.
Your move, China Music Radar.