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Step 1
In a small light-colored saucepan, add water and sugar. Bring to a simmer and allow to continue to simmer until syrup turns thick and the color changes to a very light gold color. This should take about 15 minutes.
Step 2
Add in the walnuts and stir until they are evenly coated in the syrup. Using a slotted spoon, drain walnuts from the syrup and place onto a sheet of parchment paper to dry.
Step 3
While the syrup is reducing, you can start frying the shrimp. Add oil to pot being used for frying, adding about 1 1/2 inches deep of oil. Bring oil to medium heat.
Step 4
Set aside whisked egg in a small bowl and cornstarch in another bowl. Coat shrimp in egg and shake off excess egg coating. Then roll shrimp in cornstarch until completely coated. Add to hot oil and cook until shrimp curl up, the coating turns crispy and shrimp are cooked through. Do this in a few batches until all shrimp are fried. Place cooked shrimp on a paper towel-lined plate. Do not wait for the shrimp to turn golden brown. Since these shrimp are battered in cornstarch, the coating will stay pale.
Step 5
In a small bowl, add mayonnaise, condensed milk and honey. Whisk together sauce ingredients. Start with 1 tbsp of honey and add more if desired. Add shrimp to a large bowl and pour the sauce over shrimp. Gently toss shrimp in the sauce until all shrimp are coated. Place finished shrimp onto a large serving plate and top with candied walnuts. Garnish with scallions. Serve warm.