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Season meat with salt and pepper.
Pour Hoisin sauce, sherry, chili paste, vegetable oil and ľ cup water into a bowl and mix. Set aside.
Heat peanut oil in a wok or a large deep skillet. Add meat in batches and sear, turning once, for 3 minutes.
Remove meat with a slotted spoon and place it on a dish. Repeat procedure with the remaining meat.
Add onion, chili and asparagus to the same skillet or wok and cook until crisp tender, approximately 3 minutes.
Return meat with juices to the skillet or wok and add the Hoisin sauce
mixture. Mix thoroughly and bring to a boil until hot.
Serve immediately with cooked white rice.
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