In a large bowl, combine the chicken strips with cornstarch, all-purpose flour, beaten egg, red chili powder, black pepper, and salt. Mix well with your hands or a spoon until every piece is evenly coated. Let it rest for 10 minutes at room temperature. Checkpoint: You are ready to move on when the coating looks thick and paste-like on each strip.
Pour enough oil into a deep pan or wok to submerge the chicken (about 2–3 inches deep). Heat the oil over medium-high heat for 3–4 minutes until it reaches approximately 175°C (350°F). You can test by dropping a tiny bit of batter in — it should sizzle immediately and float.
Fry the chicken strips in small batches (about 8–10 pieces at a time) for 4–5 minutes per batch, turning occasionally, until golden brown and crispy. Do not overcrowd the pan or the chicken will steam instead of fry. Checkpoint: You are ready to move on when the chicken is deep golden and crisp to the touch.
Remove the fried chicken with a slotted spoon and drain on a plate lined with paper towels. Set aside. For extra crunch, let them rest 5 minutes, then fry again for 1–2 minutes (double fry method).
In a separate wok or large skillet, heat 1 tablespoon vegetable oil and 2 tablespoons sesame oil together over high heat for about 1 minute until shimmering.
Add the minced garlic, grated ginger, and broken dried red chilies. Stir constantly for 30–45 seconds until very fragrant and just starting to turn golden. Do not let them burn.
Add the sliced onion and julienned bell peppers. Stir-fry over high heat for 2 minutes, keeping them slightly crunchy. They should be slightly softened but still have a bright color.
Add the red chili sauce, tomato ketchup, soy sauce, oyster sauce, honey, white pepper, and red food coloring if using. Stir everything together and let the sauce bubble over medium-high heat for 1–2 minutes until it thickens slightly and looks glossy. Checkpoint: You are ready to move on when the sauce coats the back of a spoon and smells deeply savory and spicy.
Add the fried chicken strips and toasted cashew nuts to the wok. Toss everything together over high heat for 1–2 minutes until every piece of chicken is coated in the sauce.
Add the chopped spring onions, give one final toss, and remove from heat. Transfer to a serving plate and sprinkle generously with toasted sesame seeds. Serve immediately while hot and crispy.