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1.
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Bring the port to a boil in a medium-size heavy saucepan over medium-high heat.
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Lower the heat slightly and simmer until reduced to 1 cup (if using a gas stove, never let the flames extend above the bottom edge of the pan).
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Add the vinegar and simmer until reduced almost to a syrup consistency, lowering the heat as necessary to keep the sauce from burning around the edgesyou should have about 7 tablespoons.
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(The sauce can be made to this point up to 1 week ahead; cover and refrigerate.)
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2.
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Divide 1 tablespoon of corn oil between the 2 skillets and place over high heat until the oil is just smoking.
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Divide the cepes, thyme, and garlic between the skillets and lower the heat to medium.
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Saute until browned, about 4 minutes.
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Turn the heat to low and divide the shallot and 2 tablespoons of butter between the skillets.
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Season both with salt and pepper.
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Cook until the shallot is softened and the cepes are tender, about 6 minutes more.
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Discard the garlic and thyme and combine the mixtures.
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(The cepes can be made to his point up to 1 day ahead; cover and refrigerate).
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3.
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Season both sides of the snapper with salt and pepper.
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Sprinkle the five-spice powder over the skin and rub it into the fish.
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Clean the skillets and divide the remaining 2 tablespoons of corn oil between them.
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Place both over high heat until the oil is just smoking.
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Add the snapper to the skillets, skin side down, and briefly hold the fillets down with a spatula to prevent the skin from shrinking.
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Saute until the bottom of the fillets are dark and crusted, about 5 minutes.
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Turn and cook for about 5 minutes longer, until a metal skewer inserted into the fish for 5 seconds is met with medium resistance and feels warm when touched to your lip.
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Keep the fillets warm.
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4.
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Meanwhile, reheat the mushrooms.
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Bring the sauce to a boil over high heat.
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Cut the remaining 3 tablespoons of butter in to 1/2-inch pieces.
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Lift the saucepan a few inches above the heat and add the butter.
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Shake the pan back and forth until the butter is melted and incorporated into the sauce; this will take about 3 minutes.
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Do not stir or whisk the butter into the sauce.
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The sauce will be very shiny and clear.
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5.
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To serve, stir the chives into the mushrooms and arrange them in the center of 4 large plates.
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Top with the snapper.
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Drizzle the sauce around the mushrooms and serve immediately.
