The Prep: Use a heavy meat cleaver to chop the chicken thighs and legs into bite-sized, bone-in pieces.
The Marinade: In a large bowl, combine the chicken, ginger matchsticks, garlic, shallots, fish sauce, sugar, salt, pepper, and the 1/4 cup of chicken stock. Mix well and let marinate for at least 30 minutes.
The Caramel: Add the canola oil and sugar to a large, heavy pan over medium heat. Watch closely as the sugar melts. Once it turns a deep amber brown, it is ready.
The Sear: Immediately add the marinated chicken and ginger to the pan. Stir quickly and frequently for about 10 minutes to coat the meat in the caramel and sear the outside until no longer pink.
The Liquid: Pour in the 2/3 cup coconut water and the remaining 1/3 cup chicken stock. Bring the mixture to a boil.
The Simmer: Reduce the heat to medium. Keep the pan uncovered and let it simmer for about 30 minutes.
The Glaze: As the liquid reduces, the sauce will thicken into a dark, gooey glaze. Once the chicken is thoroughly coated and the sauce is sticky, remove from the heat.
Serve: Garnish with fresh cilantro or sliced chilies if desired. Serve immediately over a warm bed of jasmine rice.