Make the Marinade by mixing together light soy sauce, dark soy sauce, Shaoxing wine, sugar, and salt. Marinate the chicken wings with the Chicken Wing Marinade for 20 minutes.
Heat up the Instant Pot by pressing Sauté button and click the adjust button to go to Sauté More function. Wait until the indicator says “hot”.
Add the 1 tablespoon of peanut oil into the pot. Ensure to coat the oil over the whole bottom of the pot. Add the marinated chicken wings into the pot (do not discard the chicken wing marinade). Then, brown the chicken wings for roughly 30 seconds on each side. Flip a few times as you brown them as the soy sauce and sugar can be burnt easily. Remove and set aside.
Reduce the heat to medium by pressing Cancel button, then press Sauté button. Add the minced shallot, star anise and sliced ginger, then stir for roughly a minute.
Add the minced garlic and stir until fragrant (roughly 30 seconds).
Mix 1 tablespoon of honey with 1/2 cup of warm water, then add it into the pot and deglaze the bottom of the pot with a wooden spoon.
Place all the chicken wings with all the meat juice and the leftover chicken wing marinade into the pot. Close lid and pressure cook on Manual at High Pressure for 5 minutes. When time is up fully Natural Release (roughly 10 minutes).
Open the lid carefully and taste one of the honey soy chicken wings and the honey soy sauce. Season with more salt or honey if desired.
Remove all the chicken wings from the pot and set aside. Press Sauté button. Mix 1 1/2 tablespoons of cornstarch with 1 tablespoon of cold running tap water. Keep mixing and add it into the honey soy sauce one third at a time until desired thickness.
Turn off the heat and add the chicken wings back into the pot. Coat well with the honey soy sauce and serve immediately. Enjoy!