Soak the dried snow fungus in a bowl of cold water until it softens and expands, about 30 minutes.
Once softened, trim off the hard yellow base from the snow fungus and tear it into small, bite-sized pieces.
Peel the ripe papaya, remove the seeds, and cut the flesh into bite-sized cubes.
In a stew pot or deep saucepan, combine the prepared snow fungus, papaya cubes, unsweetened almond milk, and rock sugar.
Bring the mixture to a boil over medium heat, then reduce heat to low, cover, and simmer for 20-25 minutes, or until the snow fungus is tender and the papaya is soft.
Serve warm or chilled.
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