In a small bowl, combine the mayonnaise, sweet chili sauce and the chili-garlic hot sauce. Set aside.
With a paring knife, slice down deep at the middle of the back of the shrimp, but do not cut all the way through. Discard the black vein/tract.
Set three shallow bowls side by side. Place flour in the first bowl; whisk the egg and coconut milk in the second then combine the panko and coconut flakes in the third.
Heat 2 inches of oil in a saute pan over moderate heat until thermometer registers 350°F.
As the oil is heating, bread the shrimp by dipping the shrimp on both sides in the flour and shaking excess off. Next dip in the egg/coconut milk mixture and then in the panko/coconut flakes, patting to ensure the coating sticks well.
Fry the shrimp in small batches for 2-3 minutes until golden brown on both sides. Serve with Sweet Chili Mayo for dipping.