The losers will meet in Sunday's third-place game, with the winners playing later for the championship.
Shandong won the Chinese Super League for the second time in three seasons last year. Suwon took the K-League title under coach Cha Bum-kun, the South Korean national team's all-time leading scorer with 55 goals.
Oita Trinita earned the J-League Cup last year, when forward Daiki Takamatsu was the competition's most valuable player.
Shandong has had difficulties since arriving on Feb. 6. The Chinese champions lost a preseason game to Seattle Sounders FC 2-0.
One of Shandong's starters, defender Jiao Zhe, will miss the tournament with an injured left knee.
The tournament was first held last year in Hawaii, when the Galaxy's David Beckham was the star attraction who drew record crowds for soccer in the islands. The Galaxy finished third. Gamba Osaka of Japan's J-League won the title.
Beckham and teammate Landon Donovan are on loan to European clubs and won't be playing.
Asianews