Cut the ribeye into small, bite-sized strips for quicker and more even cooking.
Place the beef strips in a mixing bowl. Add salt, ground black pepper, cornstarch, baking soda, and sugar. Mix thoroughly until all the ingredients are evenly combined. Set aside for at least 15 minutes while you prep the remaining ingredients.
Heat a large pan over medium-high heat and add cooking oil (vegetable or canola oil works best). Once the oil is hot, stir-fry the sliced onions and bell peppers for about 3 minutes until slightly softened yet still crisp. Remove the vegetables from the pan and set them aside.
Add another tablespoon of oil to the same pan. Spread the beef strips evenly in a single layer. Cook undisturbed for about 5 minutes until the edges brown, then toss and stir to cook the beef evenly.
Pour in the soy sauce, oyster sauce, water, and rice wine. Stir and simmer for 3 minutes, letting the beef cook through and absorb the savory flavors.
Push the beef to one side of the pan to create space for the garlic. Cook the garlic until fragrant, then mix it in with the beef. Return the onion and bell peppers to the pan and stir-fry everything together for an additional 2 minutes.
Remove from heat and serve hot over steamed rice or noodles for a flavorful, hearty meal. Enjoy!