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 fertilizer producer China Green Agriculture (NYSE: CGA) were growing like weeds today, gaining as much as 23% in intraday trading after a strong earnings report.

So what: U.S. investors have had plenty to think about on their home shores lately, so the troubles among Chinese small caps have been mostly relegated to a back burner. With its year-end report though, China Green made another bid to convince investors that it is truly the real deal. For its fiscal fourth quarter, the company delivered revenue growth of 272% and per-share profit growth of 52%. The respective revenue and earnings tallies of $60.3 million and $0.38 both topped Wall Street's estimates. The company's CEO cheered the strong performance of an acquisition made last summer and said that the company has "established a solid track record that we can replicate in the future."

Now what: Performance is only part of the issue when it comes to Chinese small caps like China Green. After a rash of companies dabbling in varying flavors of fraud, investors have become deeply skeptical of the entire segment of the market. That means that China Green has an uphill battle in convincing investors that its success is legitimate, but it also means that if there is veracity behind the numbers, investors can pick up shares at ridiculously cheap prices today. On the basis of the company's just-completed fiscal year, shares currently change hands at a mere 3.9 times earnings.

Want to keep up to date on China Green Agriculture? Add it to your watchlist.