01 - Combine shrimp with salt, white pepper, and Shaoxing wine in a medium bowl. Let sit for 10 minutes to absorb 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 to 3 minutes, turning once, until golden brown and crispy. Drain on paper towel-lined plate.
06 - Combine coconut milk, sweetened condensed milk, mayonnaise, honey, lemon juice, and soy sauce in a small saucepan over low heat. Whisk constantly for 2 minutes until warm and smooth. Do not boil.
07 - Transfer fried shrimp to a large bowl, pour sauce over top, and toss gently until evenly coated. Garnish with toasted coconut and green onion. Serve immediately.