In a small bowl, whisk together the soy sauce, oyster sauce, sesame oil, cornstarch, and water until smooth.

Heat the vegetable oil in a wok or large skillet over high heat until it begins to shimmer.

Add the sliced mushrooms to the pan and sear for 2 minutes without stirring to develop a golden brown crust.

Add the asparagus pieces to the mushrooms and stir-fry for 3 to 4 minutes until the asparagus is tender-crisp and vibrant green.

Stir in the minced garlic, grated ginger, and red pepper flakes; cook for 30 seconds until fragrant.

Pour the sauce mixture over the vegetables and toss continuously for 1 minute until the sauce thickens and coats the ingredients evenly.

Remove from heat and serve immediately.