In a medium saucepan, bring two cups of water to a boil. Cook asparagus in boiling water for 3 minutes. Drain, reserving 2 tablespoons of liquid.
Heat the oil in a skillet over medium-high heat. Saute the shrimp pieces until the color changes, about 3 to 4 minutes. Stir in garlic and ginger, asparagus with reserved liquid, red bell pepper and mushrooms. Add soy sauce and sugar to taste. Continue to cook for 3 more minutes or until mushrooms soften slightly.