Combine 1 tablespoon chili sauce, 2 tablespoons soy sauce, 1/2 teaspoon oil, and green onions in a small bowl. Set aside.
Combine 3 tablespoons chili sauce, 2 tablespoons soy sauce, 1 tablespoon oil, shallots, and garlic in a medium bowl. Add beef, stirring gently to combine. Shape meat mixture into 24 (1-inch) meatballs. Arrange meatballs in a single layer on a jelly-roll pan.
Bake at 450° for 10 minutes or until done. Remove from oven and let stand 5 minutes. Serve meatballs with dipping sauce.