Blanch beef shank in boiling water for 5 minutes. Drain and rinse thoroughly to remove impurities. Cut beef shank into larger chunks if desired.
In a large pot, combine water, light soy sauce, dark soy sauce, sugar, Shaoxing wine, five-spice powder, star anise, small cinnamon stick, dried shiitake mushrooms (if using), ginger slices, smashed garlic, and chopped spring onions. Bring to a boil.
Add the blanched beef shank to the pot. Once it returns to a boil, reduce heat to low, cover, and simmer for 2-2.5 hours, or until the beef is very tender.
Remove beef shank from the braising liquid. Let it cool completely before slicing against the grain. Strain the braising liquid if desired for a cleaner sauce.
Serve thinly sliced beef shank with a drizzle of the braising liquid, either warm or chilled.
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