To make the dipping sauce: Whisk egg yolk, chili-garlic sauce, rice vinegar, sea salt, and black pepper together in a bowl. Pour in 3 tablespoons oil slowly, whisking constantly, until sauce is creamy.
To make the batter: Whisk ice water, flour, and egg yolk together in a large bowl to make batter.
Heat 1 tablespoon olive oil in a large skillet over medium heat. Dip some shrimp in batter, letting excess drip off, and cook in hot oil until browned on both sides, 3 to 5 minutes. Drain on paper towels. Repeat with remaining olive oil and shrimp.
Place cooked shrimp in a large bowl. Pour sauce on top and mix until thoroughly coated.