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Clean the razor clams thoroughly, separating the meat from the shells. Lightly toss the clam meat with a small amount of cornstarch and set aside.
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Blanch the clam shells in boiling water for 1.5 to 2 minutes until cooked through. Drain and set aside.
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Briefly blanch the clam meat in boiling water for 10 seconds. Drain and set aside.
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Heat oil in a wok over medium heat. Stir-fry the bell peppers and onions until softened.
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Add the clam meat and stir-fry over high heat. Add the XO sauce, oyster sauce, light soy sauce, Shaoxing Huadiao, dark soy sauce, and sugar. Stir-fry quickly until well combined. Add the cornstarch slurry and continue to stir-fry until the sauce thickens and evenly coats the clam meat.
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Return the stir-fried clam meat to the shells and arrange attractively on a serving platter.