On our visit to Shanghai last year we ate at "prime" (twice!) which is above Sasha's Bar and Restaurant in the French Concession. The food was fantastic and not one of the 8 of us had any complaints. M on the Bund was another success. Make sure you try one of the local Hot-Pot restaurants!
Hotel-wise, we stayed in the Equatorial as part of the Team Ireland delegation with the Special Olympics World Games and the manager and staff couldn't have been more helpful.

Enjoy your trip!