To prepare the fish, on a cutting board, place the fish flat and hold it firmly with one hand. Use a cleaver at a slight angle, making 4 to 6 evenly spaced cuts on each side of the fish, without cutting through the bone, to help it bloom when fried. On a plate, season the fish with rice wine, salt, ginger, and scallions, then let it marinate for about 5 minutes. Remove and discard ginger and scallions, then lightly coat fish with cornstarch until evenly covered.
To make the batter and coat, in a bowl, mix cornstarch, salt, baking powder, and baking soda, then add egg white and cold club soda and whisk until smooth and slightly thick. Coat fish evenly with batter, making sure it gets into the scored cuts.
To deep-fry the fish, in a deep pot over high heat, heat cooking oil to 350°F (177°C), then hold fish by the tail and carefully spoon hot oil over the body for about 20–30 seconds until it begins to set and curl, which helps it hold its shape and bloom open. Gently lower fish into oil and fry for about 4 minutes until golden, crispy, and fully cooked, then remove and drain on a rack or paper towels.
To make the sauce and serve, in a small pot over medium heat, combine chicken stock, ketchup, sugar, rice vinegar, and salt, then whisk until smooth. Add ginger, garlic, and bell peppers, and simmer for about 1 minute until fragrant. In a small bowl, mix cornstarch with water to form a slurry, stir it again, then pour it into the sauce and cook until thickened and glossy. Pour sauce over fish and serve immediately.