Iron Man and Mandarin
The first time I became aware of Mandarin was from the Iron Man trailer so he has no history for me. Luckily, he is one of those characters where it doesn't really matter much if you know him or not. I can't imagine anyone can really be a fan of someone who basically has magic rings. They go into quite a lot of depth about they actually aren't magic rings but then do nothing with it. So, basically, they are magic rings.
Essentially the whole series is Mandarin winning every battle, breaking Tony Stark and taking over the world. Though in the end he doesn't. Iron Man goes missing and only an Apple launch of a product saves him.
It is worth stressing here that this is the first Iron Man I have read. How it plays into a larger arc is beyond me but I expect it does. Fraction's work continually impresses me but for a newbie there were too many loose ends not tied up. A lot of very disposable characters who I didn't really care for but Stane, Stane I could read a lot more about.
If you are reading having watched the films, maybe one to avoid or read much later. Much, much later. Fraction though, that is some writer.