01 - Combine shrimp with salt, white pepper, and Shaoxing wine in a medium bowl. Let marinate for 10 minutes to infuse flavors.
02 - Whisk together cornstarch, flour, egg, and cold water in a mixing bowl until smooth and lump-free.
03 - Pour vegetable oil into a deep fryer or large saucepan and heat to 350°F.
04 - Dip each marinated shrimp into the batter, allowing excess to drip off, then press lightly into shredded coconut to coat evenly.
05 - Fry shrimp in batches for 2–3 minutes until golden brown and crispy. Remove with a slotted spoon and drain on paper towels.
06 - Combine coconut milk, sweetened condensed milk, mayonnaise, honey, lemon juice, and soy sauce in a small saucepan over low heat. Whisk gently for 2 minutes until warmed through and smooth. Do not boil.
07 - Transfer fried shrimp to a large bowl and pour sauce over them. Toss gently until evenly coated. Garnish with toasted coconut and green onion. Serve immediately.