In a medium bowl, combine the sliced chicken, water, cornstarch, oil, and oyster sauce. Mix until the liquid has been absorbed by the chicken. Set aside to marinate for 15-30 minutes.
Meanwhile, combine the water (or chicken stock), cornstarch, white pepper, sugar, light soy sauce, oyster sauce, and sesame oil.
Heat your wok over high heat until it just starts to smoke, and add 1 tablespoon of oil to coat. Spread the chicken evenly in one layer, and allow it to sear undisturbed for 30 seconds. Stir-fry for another 30 seconds, or until about 75% cooked. Remove from the wok and set aside.
Add another tablespoon of oil to the wok, along with the minced garlic. Cook for 15 seconds, and add the asparagus. Stir-fry for 1 minute. Add the Shaoxing wine and stir-fry for another 30 seconds.
Meanwhile, mix your sauce mixture to ensure the cornstarch is fully incorporated. Add it to the wok, and bring to a simmer.
Add the chicken back to the wok, and stir-fry for another 30 seconds. The sauce should be thick enough to coat a spoon, and the asparagus should be crisp-tender.
Taste for seasoning and add additional salt to taste if needed. Serve over rice.