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Use a small sharp knife to cut the squid tubes lengthways from opening to tip. Lay the tubes flat, inside up, on a clean work surface. Score diagonally. Cut the tubes into 3cm-long, 2cm-wide strips. Pat dry with paper towel.
Place the combined flour, salt, white pepper and Chinese five spice in a plastic bag. Shake to combine. Heat the oil in a large saucepan or wok to 180°C over medium-high heat (when the oil is ready a cube of bread will turn golden-brown in 15 seconds).
Toss the squid in the flour mixture and shake off excess. Add one-third of the squid to the oil and cook for 1-2 minutes, turning occasionally, or until tender and light golden. Transfer to a plate lined with paper towel. Repeat, in 2 more batches, with remaining squid, reheating the oil between batches. Transfer the squid to a serving plate and sprinkle with the coriander, chilli and shallot.