Seeing scaffoldings on a Old Shanghai building is always scary, as this can be the sign of future destruction, or a really bad renovation (See post Plaza 353 ruinovation for more info).
I recently passed by Lyceum theater at the corner of Rue Bourgeat and Route Cardinal Mercier (today Changde Lu and Maoming Nan Lu), to discover the building wrapped in plastic. Since shows are not taking place due to CoVid pandemic, it is probably a good timing for renovation. Not sure how it will turn, but will keep a look for it.