Pat the shrimp completely dry with paper towels and set aside.

In a shallow dish, whisk together cornstarch, flour, salt, and white pepper. Stir in 1/2 cup water until a smooth, pancake-like batter forms.

Place a large skillet over medium heat. Add walnut halves and toast dry for 2–3 minutes, stirring constantly.

Reduce heat to medium-low; add 2 tablespoons butter, 3 tablespoons honey, 1 tablespoon sugar, and a pinch of salt. Stir until walnuts are caramelized, 3–4 minutes. Transfer to parchment paper to cool.

Pour 2 inches of oil into a large skillet or wok and heat to 350°F (175°C).

Working in batches, dip each shrimp into the batter, letting excess drip off, then carefully fry 1–2 minutes per side until golden and crispy. Drain on paper towels.

While shrimp cook, combine 1/3 cup honey, condensed milk, 1 tablespoon butter, and mayo in a small saucepan over low heat. Whisk until butter melts and sauce is glossy, about 2–3 minutes.

Place fried shrimp in a large mixing bowl, pour warm honey sauce over top, and gently fold to coat.

Add candied walnuts, toss lightly, and serve immediately while hot and crispy.