Last we went to M1NT, the Shanghai version - in all respects it is much better than the HK version. It is huge, sparkly-new (not dark and dingy), with a MUCH bigger fish tank with many more minisharks, the view is great (it's on the Bund, not some lonely Soho street), and the music was AMAZING (not horrible).
I definitely don't suggest getting there earlier than midnight - we got there around 11:30 and spent at least 45 minutes being annoyed at the ex-pat posers and crap music until everyone in the spot got drunk and started dancing and acting the fool and the dj got the good music underway. After 4 bottles of vodka and 1 of Champagne the HK crew had to call it a night at a respectable 4am, but Chris kept it going till who knows what hour - AFTER working all day.
Shanghai is definitely without inhibitions, at least the ex-pat part of it. I though HK was crazy with all the transient ex-pats not really caring how they act because they're only there for a year or two, but in Shanghai there is definitely an even more insane version of that attitude. In HK all the ex-pats mostly work in banking, so although you may not live in the same city as everyone you see out at night, you do run some risk of having to work with them/running in the same crowds. In Shanghai there is a much broader representation of multinational industries so these ex-pats seem to really just not care. Also, as Chris pointed out, here money is much more king than even HK because a smaller percentage of people have it. So regardless of what you do, what you make and what you look like, if you are willing to spend for an evening you can do whatever you want, however you want it. Just as an example, you could walk into a club looking like a bumpkin as long as you can afford the drinks (we did that - super embarrassing).