Place beef strips in a mixing bowl. Season beef strips with salt and pepper; add the cornstarch and mix well. Set aside.
Make the sauce; In a small mixing bowl combine ketchup, rice cooking wine or dry sherry, soy sauce, chili sauce, and sesame seed oil; whisk until thoroughly incorporated. Set aside.
Heat vegetable oil in a wok over high heat.
Stir in pepper flakes and red dried chiles; cook for 10 seconds, or until fragrant and starting to char.
Stir in ginger; cook for just a few seconds.
Add green bell peppers and scallions; cook for 1 minute.
Add beef and continue to stir fry until browned; about 2 to 3 minutes.
Stir in the sauce and cook for 1 minute.
Stir in the peanuts and cilantro; cook for 30 seconds.
Remove from heat.
Serve.