Rinse the squid with water, pat dry with paper towels.
Mix all the ingredients for the Frying Batter until well combined. Add the squid to the Frying Batter, stir to coat well.
To deep-fry the squid, heat 2 to 3 inches (5 – 7.5 cm) of oil in a wok or a frying pan to 350F (175C). Gently drop the squid into the oil and loosen them up immediately with a spatula to prevent clumping.
Deep-fry the squid until golden brown and crispy, but do not over-fry. Remove with a strainer or a slotted spoon, draining the excess oil on a dish lined with paper towels.
To stir-fry, heat the 1/2 tablespoon of oil in a skillet over high heat. Add the scallions and red chilies, stirring quickly. Return the fried squid to the skillet, add salt and white pepper, and stir to combine well. Serve hot.