Soak the dried shrimp and scallops in cool water for 2 hours or overnight. Reserve the soaking water.

Heat the neutral oil in a skillet over medium heat and fry the rehydrated scallops until golden and crispy. Set aside to cool.

Sauté the garlic, chili, and red shallots in the same oil until golden brown and fragrant.

Combine the fried scallops, dried shrimp, smoked ham, salt, sugar, chicken bouillon powder, and chili bean sauce in the pan.

Pour in the reserved scallop soaking water and simmer for 1 hour, stirring every 5 minutes.

Stir in the Shaoxing rice wine and cook for an additional 2 minutes.

Transfer the sauce into an airtight jar and store in the refrigerator.