First, place the water, sugar, and walnuts to a small saucepan and bring to a boil. Boil for about 2 minutes. Then remove the walnuts and place them on a dish to dry.
In a bowl, whisk the egg whites until they are foamy. Then add cornstarch and continue whisking until combined. Add the shrimp to the batter and coat each piece with a thin layer of batter.
Heat the vegetable oil to medium-high heat in a skillet or deep pan. Fry the shrimp in batches until they are golden brown, about 4 to 5 minutes.
For the Sauce
To make the sauce, add the honey, mayonnaise, and sweetened condensed milk in a bowl and whisk to combine.
To Serve
Add the fried shrimp to the sauce and coat generously. Place the shrimp into a serving bowl, and top with candied walnuts. You can also add chopped scallions as garnish.
Notes
To make this a more filling meal, you could prepare steamed rice, and serve the honey walnut shrimp over a bowl of rice.
To make extra sauce to drizzle over the shrimp and rice, I like to double the sauce recipe. You can store any leftover sauce in the refrigerator for a few days.