Preheat your oven to 350º F and grease a 9″ x 13″ pan with cooking spray.
In a medium bowl, mix together the mochiko, sugar and baking powder. Set it aside.
In a large bowl, mix together the water, vanilla extract and coconut milk.
Add the dry ingredients to the wet ingredients and whisk until smooth. Then, add a few drops of red food coloring and mix. Repeat until you reach your desired color.
Pour the batter into the greased pan and cover tightly with foil. Make sure the foil is sealed, as you want it to steam in the pan. Bake for 1 hour. Then remove the foil and let it cool completely.
Run a knife around the edge of the pan to release the chichi dango. Then, turn it out onto a work surface dusted with potato starch. Dust the top of the chichi dango with potato starch as well. Be liberal, as this will keep the it from sticking.
Cut the chichi dango into bite-sized rectangles. Roll each piece in potato starch, then dust off the excess, and serve. Store the chichi dango in an airtight container at room temperature for up to 3 days. Enjoy!