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Preheat one side of the grill to medium-high (or build a medium-high-heat fire on one side of a charcoal grill); leave the other side unheated.
Mix hoisin, water, tomato paste, vinegar, sesame oil and crushed red pepper in a medium bowl until smooth. Spoon 2 tablespoons of the mixture into a small bowl. Set the rest aside.
Toss asparagus, scallions, canola oil, salt and pepper in a large bowl.
Cut steak in half lengthwise, then cut each long strip in half crosswise to make four 2-by-6-inch pieces. Pound any uneven pieces to a 1/4- to 1/2-inch thickness. Brush the top side of the steak pieces with the 2 tablespoons of sauce. Divide asparagus and scallions among the steak pieces, placing the bundles across the middle. Fold and roll the steak over the bundles and thread a skewer through the overlapping ends of the steak and through the bundle to hold the rolls together.
Place the rolls seam-side down on the hot side of the grill for 5 minutes. Turn and grill until the second side is beginning to char, about 5 minutes more. Move the rolls to the unheated side, cover and cook for about 5 minutes more for medium steak.
Remove from the grill. Brush the steak with some of the reserved sauce and sprinkle with sesame seeds. Serve with the remaining sauce for dipping.