The 23-year-old has signed a one-year deal and will join the club on a free transfer, according to Eindhovens Dagblad.
Haibin arrived in The Netherlands on Saturday and will become the third Chinese player to play in the Eredivisie.
“PSV’s dealings with my transfer were based on international rules,” he said on Shanghai Daily.
“I am grateful to Shandong Luneng for giving me this opportunity. The club played an important role in my life for the past 10 years.
“To make the deal work, I was willing to take a pay-cut to help my old club recoup some of their losses. If I were to return to China, Shandong will be my first choice.”