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Step 1
Heat a large skillet over medium-high until hot, 3–5 minutes (a drop of water should jump around in the pan). Cook chile, garlic, and oil, stirring constantly, until oil starts to shimmer and garlic just begins to turn golden, 60–90 seconds. Immediately add asparagus; season lightly with salt. Cook, tossing occasionally, until asparagus is just beginning to brown around the edges, about 2 minutes. Add soy sauce, butter, and 1 Tbsp. water and cook, tossing constantly, until asparagus is still crispy yet cooked through and coated in sauce, about 30 seconds longer.
Step 2
Remove pan from heat. Finely grate zest from one-quarter of orange over stir-fry. Squeeze juice from one orange half over and toss once more.
Step 3
Transfer asparagus mixture to a platter. Top with cilantro and sesame seeds. Taste and squeeze more orange juice over if needed.