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Heat oil in a wok and heat over high heat. When oil is hot, add red onion, green onion, and bean sprouts and sear for 1 minute, stirring. Set aside on serving platter. Add beef to very hot wok and sear until rare. Add hoisin sauce and toss until coated. Add ground peanuts and basil and cook until meat is medium rare. Serve meat over onions and bean sprouts.