In a blender, puree the black bean sauce, soy sauce, toasted sesame oil, water, Sriracha, brown sugar, rice vinegar, garlic and five-spice powder until smooth. Transfer the black bean sauce to a medium saucepan, bring to a boil and simmer over moderately low heat until thickened and glossy, about 5 minutes.
In a large cast-iron skillet, heat the oil to 350°. Working in batches, fry the wings, turning once, until deep golden and crispy, 12 minutes; be sure to keep the oil at 350°. Drain the wings on a rack set over a baking sheet.
In a large bowl, toss the wings with the black bean sauce until coated. Transfer the wings to a large platter and serve right away.