It looks like the Shenmue: The Animation is a real thing thanks to Crunchyroll and Adult Swim, as they have announced that they are teaming up to distribute the production outside of Japan and mainland China on the Crunchyroll and Adult Swim platforms.
The series is set to have 13 episodes and chronicles the adventures of Ryo Hazuki as he finds his father’s murderer. According to the press release you will visit Yokosuka and Hong Kong metropolis. So it looks like the first season is going to cover all of the first game and probably some of the sequel.
Hit the jump for the press release: