Marinate the beef slices with light soy sauce, cornstarch, and cooking oil for at least 15 minutes.
In a small bowl, combine oyster sauce, black pepper sauce, sugar, dark soy sauce, water or beef broth, and cornstarch. Mix well to form the black pepper sauce mixture.
Heat cooking oil in a wok or large frying pan over high heat until smoking. Add the marinated beef and stir-fry quickly for 1-2 minutes until just browned on the outside. Remove beef from the wok and set aside.
In the same wok, add minced garlic and stir-fry until fragrant. Add asparagus and red bell pepper (if using). Stir-fry for 2-3 minutes until asparagus is crisp-tender.
Return the beef to the wok. Pour in the prepared black pepper sauce mixture. Stir-fry constantly for about 1 minute until the sauce thickens and coats the beef and vegetables evenly.
Serve hot immediately with steamed rice.
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