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 auto-parts supplier China Automotive Systems (Nasdaq: CAAS) caught a massive tailwind today, rising as much as 42% in intraday trading on heavier-than-average volume.

So what: Investors were tap-dancing like school children after China Automotive released better-than-expected preliminary results for the fourth quarter. Revenue of $101 million crushed the $90 million that analysts had expected, while income from operations more than doubled to $12.3 million. The company did not release earnings per share for the quarter because it is still working through the accounting adjustments that left its stock reeling last month.

Now what: The company said that it is making good progress on restating past financials to make the needed accounting adjustments. More importantly, management said it expects top-line growth to continue at a 20% rate in 2011. In the wild and wooly world of Chinese small caps, it seems that China Automotive may have found some solid ground -- at least for today.

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Fool contributor Matt Koppenheffer does not have a financial interest in 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 prefers dividends over a sharp stick in the eye.