Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese electric motor maker Harbin Electric (Nasdaq: HRBN) dropped as much as 12% in trading earlier today. (Again!) Harbin's made up much of the losses since.

So what: Harbin's in the midst of a CEO-led buyout , in which the company is set to go private at a purchase price of $24 per share. Chinese small-caps such as Harbin have drawn considerable investor scrutiny amid numerous examples and even more allegations of fraudulent activity.

Now what: Harbin shares sell for about $16 apiece. Short a hundred shares of Harbin today, and maybe you'll make a profit if the whole thing turns out to be a scam. On the other hand, there's a virtual certainty that if the CEO puts his money where his mouth is, a consummated going-private transaction will cost you $800. Personally, I wouldn't take the risk.

What will come of Harbin's going-private transaction? Add it to your Watchlist and find out.