Add shrimp to a large prep bowl and sprinkle with salt and pepper then set aside.
Add the egg to a small prep bowl and whisk to combine. In a separate prep bowl add the cornstarch.
One at a time, dip the shrimp in the egg and let excess drip off. Then, dip the same shrimp in the cornstarch and coat. Set the coated shrimp on a plate and repeat until all the shrimp is coated in cornstarch.
In a large deep skillet add the vegetable oil. Heat on medium until oil is shimmering.
While the oil is heating up, add the sugar, walnuts and water to a small saucepan and heat over medium heat. Let cook for about 10 minutes then remove the walnuts from the water and let dry on a paper towel lined plate.
Once the oil is hot, add the shrimp to the oil and pan fry 2-3 minutes per side. The finished shrimp should be crispy and golden. Once finished remove from oil and add to a plate. Depending on the size of your skillet you may need to fry the shrimp in several batches.
While the shrimp is cooking, combine the mayonnaise, honey and sweetened condensed milk to a large bowl and whisk to combine. Set aside.
Once all the shrimp have been fried add to the sauce bowl and gently toss until all the fried shrimp is coated in the honey sauce. Serve immediately over rice, and topped with walnuts and chopped green onion. Enjoy!
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