Whisk together brown sugar, soy sauce, hoisin sauce, honey, Sriracha sauce, sherry, food coloring, garlic, sesame oil, five-spice powder, and liquid smoke in a bowl; pour into a resealable plastic bag. Add chicken thighs, squeeze out excess air from the bag, and seal. Toss the bag gently to coat chicken with marinade. Chill in the refrigerator to marinate for 24 to 48 hours.

Preheat the oven to 350 degrees F (175 degrees C). Line a roasting pan with aluminum foil and place a roasting rack in the bottom of the pan.

Remove chicken from marinade and place on the rack in the prepared roasting pan.

Pour marinade into a saucepan; bring to a boil, reduce heat to low, and simmer for 3 to 5 minutes. Remove from heat.

Bake chicken in the preheated oven, turning once and basting occasionally with marinade, until the juices run clear, about 1 hour. An instant-read thermometer inserted into the center of thighs should read at least 165 degrees F (74 degrees C).