Slice flank steak diagonally into bite-size pieces.

Combine beef with salt, egg white, and cornstarch in a bowl.

Mix well by hand to ensure the beef is coated.

Set the marinated beef aside.

In a separate small bowl, blend chili paste with garlic, soy sauce, dry sherry, rice vinegar, sugar, chicken broth, cornstarch, and sesame oil to create the sauce.

Set the sauce aside.

Heat a wok over high heat and add two tablespoons of peanut oil.

Stir-fry the beef until it loses its pink color.

Remove the beef from the wok and set aside in a serving bowl.

Add the remaining two tablespoons of peanut oil to the same wok.

Add peanuts and dried whole red chili peppers to the wok.

Stir-fry until the peppers turn dark red, being careful not to burn them.

Remove the peanuts and chili peppers from the wok and add them to the beef.

Lower the heat under the wok.

If necessary, add a little more oil to the wok to prevent sticking.

Stir-fry the green onions and minced garlic for several seconds, being careful not to burn the garlic.

Return the beef, peanuts, and peppers to the wok.

Stir-fry for a few seconds to combine all the ingredients.

Add the diced water chestnuts and the combined sauce ingredients to the wok.

Stir-fry until the sauce is heated through and has thickened to your liking.

Serve immediately.