The official YouTube page for Shenmue III has released a brief video of a very early cutscene. The new scene features Ryo and Shenhua discovering a lake inhabited by lantern bugs and shows a great deal of visual similarity to a scene from the second game that occurs in a field of dandelions. It's a nice little throwback. In this current state, whilst certainly visually appealing, the scene has some awkward camera zooms to say nothing else. Beyond that, there's little else new to report about the project.
That said, at the time of writing the Kickstarter had just over 2 days left and has already met its funding target twice over, smashing a number of stretch goals along the way. Be sure to check out the campaign page and to watch this space as well for more info as the funding campaign comes to an end.