Hoisin adds complexity to the flavor of the sauce. You can save some time — and some tears — by chopping the onions in the processor in two batches.
- Heat 2 tablespoons oil in heavy large pot over high heat. Sprinkle meat with salt and pepper. Add meat to pot; sauté until brown on all sides, about 10 minutes.
- Push meat to sides of pot. Reduce heat to medium; add 2 tablespoons oil to pot. Add onions; sauté until golden brown, about 15 minutes.
- Mix meat into onions. Add 1 cup wine, tomatoes with juices, hoisin sauce, and bay leaves. Bring to boil.
- Reduce heat to low, cover pot and simmer 45 minutes, stirring occasionally.
- Add carrots and 1 cup wine. Cover; simmer 30 minutes, stirring occasionally.
- Uncover, increase heat to high; boil until sauce is slightly thickened, stirring occasionally, about 15 minutes longer.
- Reduce heat to medium, add cornstarch mixture and simmer until sauce thickens, stirring occasionally, about 8 minutes.
- Discard bay leaves. Season stew with salt and pepper.
- Transfer stew to large bowl. Sprinkle with parsley; serve.
Can be made 1 day ahead: After seasoning stew with salt and pepper, cool slightly. Chill uncovered until cold, then cover and keep refrigerated. Bring to simmer before serving, stirring occasionally.