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 insurer CNinsure (Nasdaq: CISG) were up as much as 12% in intraday trading on heavy volume. The move doesn't appear to have had a whole lot of conviction behind it, though, as the gains were pared through the first half of the day.

So what: CNinsure has been battling to avoid being caught in the downdraft of investor skepticism over small U.S.-listed Chinese companies. Investors who keep an eye on that group no doubt know the woes of RINO International (OTC: RINO.PK), which was delisted because of an ongoing accounting scandal. Questions have since been raised about some aspects of CNinsure's accounting, and the effects have been pretty chilling for investors. However, CNinsure's management team has been very aggressive about addressing these concerns, and the stock has started to creep back up.

Now what: Let's be honest here, accounting shenanigans can come from companies of all sizes -- lest we forget about Enron. But for most U.S.-based investors there is -- at the very least -- a significant geographical barrier in wrapping their arms around these small Chinese companies. At the same time, many of the companies are being audited by little-known auditors. In the case of CNinsure, though, Deloitte is in there checking the books, and management seems to be right on top of addressing the issues that have popped up. I had said previously that the concerns raised over CNinsure gave me pause on the stock -- I still wouldn't bet the house on it today, but it does look like the market may have overreacted here.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.