Shell shrimp, leaving tail intact. With a knife, make a small cut on the shrimp's back, and with the tip of the knife, pull out the intestinal tract. Make two or three incisions along the inside of the shrimp to straighten it out.
Season the shrimp with salt and pepper to taste and let stand for about 10 minutes.
In one shallow bowl, beat egg whites until frothy. In another shallow bowl, place cornstarch. In another shallow bowl, combine shredded coconut and Panko bread crumbs.
Dredge shrimp in cornstarch, dip in egg, and then dredge in shredded coconut-bread crumb mixture to fully coat, pressing down to adhere well.
Arrange shrimps in a single layer on a baking sheet and freeze for about 10 to 15 minutes or until firm.
In a pan over medium heat, heat about 2 inches deep of oil. Add shrimp in a single and cook, turning as needed, for about 3 to 5 minutes or until golden brown and crisp.
Remove from heat and drain on paper towels. Serve hot with sweet chili sauce.