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 China-based media company Shanda Interactive Entertainment (Nasdaq: SNDA) are having a ball today, jumping as high as 15.3% on about triple its average trading volume.

So what: The company just filed for an IPO of Cloudary, its e-books subsidiary formerly known as Shanda Literature. Shanda will remain the majority owner, giving the company the opportunity to raise more money if Cloudary's shares take off.

Now what: Shanda investors are showing their appreciation for management's attempt to unlock Cloudary's value. Cloudary is a relatively recent addition to Shanda Literature, but it's obviously a fast-growing one. It's a cloud-computing play and an unabashed assault on traditional publishing models, and I'll be sure to keep a close eye on this stock once it becomes available. Until then, I'll simply keep Shanda on my watchlist.

Interested in more info on Shanda Interactive Entertainment? 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.