Wash dried shrimps and soak in half a bowl of water for 15 min. Drain, dry and chop shrimps. Reserve soaking water.
Heat oil in wok and fry the shallots until golden. Remove and set aside. Using the same oil, fry shrimp until crispy. Remove and set aside.
In the same oil, fry cubed yam for 2-3 minutes until slightly softer or until the edges start to brown slightly. Mix in half of the fried shallots and dried shrimp. Season with five spice power and salt. Leave yam in the wok to continue cooking later. Combine shrimp soaking water and water to make up 2 bowls of liquid. Add in rice flour and cornstarch. Stir until well mixed - rice flour has a tendency to separate from the liquid, so stir well.
Now, add flour paste to the yam mixture in wok. Cook over very low heat, stirring until it forms a smooth paste. Watch closely as rice flour paste can get lumpy if you don't stir it enough.
Pour mixture into an oiled or parchment-lined steaming tray. Steam over high heat for one hour. Half an hour in, check water level in case it dries out as you're steaming over high heat. If surface still looks runny/watery, steam 10-15 minutes more.
Remove from heat and let cool for 45 minutes at least. The yam cake will harden when it cools. Before serving, sprinkle with chopped spring onions, sliced chillies, peanuts, and remaining fried shallots and dried shrimp mixture.