When the sun goes down the crowded Bund, it actually becomes a great place to hang out!
So I would recommend you to go to Les Suites Orient, it is located on the the historic Bund waterfront area in central Shanghai. The address is 1 East Jin Ling Road, Huang Pu District.

The most famous club closed to it are:

-Bar Rouge 7/F, 18 Zhongshan Dong Yi Lu, where you have an astonishing view on the Bund from the Sky line Patio. The music there is electro and house, in general from French DJs.
The club has been renovated last month and you can even have dinner at Mr&Mrs Bund just before going to the club since the restaurant is just one level down!

-M1nt 24/F 318 Fuzhou Lu, it is a membership-style lounge/club/restaurant pretty classy and trendy. The club is on the 24th floor of a downtown building so the view is amazing as well and you even have sharks in the aquarium entrance!

If you are not satisfied with this 2 famous club, you can still grab a cab which are very cheap in Shanghai and go to the French Concession at the Yongfu lu where you can find the Shiva Lounge, The Shelter or The Apartment which are less for tourist and more for insiders!

Actually, i've been looking around and found a really interesting website that has a party trip in Shanghai all mapped out , its called privepass: http://www.privepass.com/home, maybe you can have a look!