Defrost the shrimp if needed, pat dry with paper towels. Beat the egg white in a medium bowl until it is slightly frothy, then toss in the shrimp and coat with the egg white.
Add in the cornstarch and white pepper and mix until the shrimp are coated in a thin white batter.
Heat about 1 inch of vegetable oil in a small, heavy bottomed pot over medium-high heat. Once hot, add the shrimp (one at a time so they don't stick together), in small batches. Cook approximately 2 to 3 minutes, until the shrimp curl in slightly and turn a light golden brown.Use a slotted spoon to remove the shrimp and set aside on a paper towel lined plate. Continue cooking until all the shrimp are fried.
Meanwhile, prepare the sauce by combining the sweetened condensed milk, kewpie mayo, honey and sesame oil in a small dish.
Place the fried shrimp in a clean bowl and drizzle with the white sauce, tossing to coat each shrimp. Add in the walnuts and serve. Enjoy!
Notes
MAKE AHEAD:You can prepare the sauce ahead of time and store it in the fridge for up to 4 days.Fry the shrimp (do not add the sauce yet), let cool and store in the fridge for up to 4 days.Just before serving, either flash fry (reheat in hot oil) or air fry the shrimp until heated through and crisp. Toss with the prepared sauce and enjoy.