01 - Toss shrimp with salt, white pepper, and Shaoxing wine in a medium bowl. Let marinate for 10 minutes.
02 - Whisk together cornstarch, flour, egg, and cold water in a mixing bowl until smooth.
03 - Heat vegetable oil in a deep fryer or large saucepan to 350°F.
04 - Dip each marinated shrimp into the batter, then press lightly into shredded coconut to coat evenly.
05 - Fry shrimp in batches for 2-3 minutes until golden and crispy. Transfer to a paper towel-lined plate to drain.
06 - Combine coconut milk, sweetened condensed milk, mayonnaise, honey, lemon juice, and soy sauce in a small saucepan over low heat. Whisk gently until warmed and smooth, about 2 minutes. Do not boil.
07 - Toss fried shrimp with the warm sauce in a large bowl until evenly coated. Garnish with toasted coconut and green onion. Serve immediately.