In a small bowl, combine soy sauce, vegetarian oyster sauce, sugar, white pepper, and water or vegetable broth. Set aside.
Heat 2 tablespoons of cooking oil in a wok or large frying pan over medium-high heat. Add the tofu cubes and pan-fry until golden brown and crispy on all sides, about 6-8 minutes. Remove and set aside.
Add the remaining 1 tablespoon of cooking oil to the wok. Add minced garlic and grated ginger, stir-fry until fragrant, about 30 seconds. Add lotus root slices and stir-fry for 2 minutes. Then add asparagus pieces and stir-fry for another 2 minutes until tender-crisp.
Return the fried tofu to the wok. Pour in the prepared sauce. Add macadamia nuts. Stir well to coat all ingredients. Bring to a simmer. Stir in the cornstarch slurry to thicken the sauce as desired. Serve hot.
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