Soak dried white fungus in water until softened. Remove hard yellow base and tear into small pieces.
Rinse dried lotus seeds and lily bulbs. Remove any green sprouts from lotus seeds if present.
In a large pot, combine the prepared white fungus, lotus seeds, lily bulbs, and water.
Bring to a boil, then reduce heat to low, cover, and simmer for 45 minutes, or until the white fungus is very soft and gelatinous and lotus seeds are tender.
Add rock sugar and stir until dissolved. Simmer for another 5 minutes.
Serve warm or chilled.
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