Am I eligible for transit visa?

You will be covered by 24 hour visa free transit visa and it is important that you adopt correct phrasing because there is no visa at all and you really do not need one!

As far as you exit from the airport is concerned, you will approach 24/144 hour visa free transit upon your landing in Shanghai and apply for a temporary entry permit. This permit comes for free. Now, you have to understand that the exit from the airport is based solely on discretionary decision of airport authorities, so their answer can be both, yes or no and you have to be prepared to be refused. In that case, you will remain at the airport waiting for your onward flight to Munich. In any case, I encourage you to apply for this permit and ti see if it will be granted.