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: China-based solar power expert Solarfun Power Holdings (Nasdaq: SOLF) is on a wild ride today. Its shares opened stronger on a good earnings report, but then tumbled as much as 10.3% below last night's closing price on other news.

So what: The announcement of a follow-on stock offering trumped Solarfun's earnings report. A batch of fresh ADSes worth $67.8 million, with as much as 15% of the deal value flowing to the underwriters, promises to dilute the stock significantly.

Now what: Solarfun's largest shareholder, an arm of Korean chemical producer Hanwha, is the only Solarfun owner not left holding the bag. The company will issue enough shares directly to Hanwha Solar Holdings to maintain its current ownership level, just below the 50% mark. Solarfun did burn $29 million of operating cash to run its business last quarter, and spent another $15.5 million on capital expenses, so the proceeds from the stock sale will be a welcome help to the company's day-to-day cash needs.

Interested in more info on Solarfun Power? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.