Using a sharp knife, cut the flank steak across the grain into very thin slices.
Combine soy sauce, cornstarch, and the 1 tablespoon cooking oil; pour over beef slices and stir to coat all meat.
Cut fresh asparagus on the bias into 1 inch pieces.
Drop asparagus pieces into pan of boiling water.
Simmer 1 to 2 minutes.
Heat the 3 tablespoons cooking oil in skillet or wok till sizzling.
Sprinkle sugar over hot oil.
Add beef strips; cook and stir quickly for 1 minute.
Add asparagus pieces; cook, stirring constantly, 1 minute more.
Stir in the dry sherry and the chicken broth; cook 1/2 minute more.
Makes 4 servings.