Take the hard pointy bit off the tails. It's the part that's in the middle of the tail. Bend it up until it snaps off.
Peel the shell off starting from the tail side, going around the shrimp. Leave just a little bit of the shell near the tail. Devein the shrimp on the opposite site of the shrimp from the point marked by the red arrow.
Put 3 to 4 small cuts along the belly (leg) side of the shrimp.
It looks like this.
With the tail facing away from you and the belly side facing you, make more cuts along the belly. Flip the shrimp over and do the same to the other side.
Take care of the tail. Stack the two parts of the tail together and cut off the tips diagonally.
Scrape out the moisture inside the tail. This way they won't blacken, and will be nice and red when fried.
Hold the shrimp by its tail and coat with flour. Mix a little of the remaining flour in the beaten egg and dip the shrimp in the mixture. Finally coat the shrimp with panko.
Deep fry in 340°F/170°C oil until golden brown and crispy.
Story Behind this Recipe
I learned how to do this when I used to work as a dietician.
The cuts shouldn't be too shallow or too deep. If you look at the shrimp carefully, you'll see that the meat has two layers. Cut into the border of those two layers.