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 automotive-parts manufacturer China Automotive Systems (Nasdaq: CAAS) drove into a ditch today, falling as much as 12% in intraday trading on heavier-than-average volume.

So what: The most recent news out of China Automotive was the May 19 announcement that it had received a second delisting notice from Nasdaq after the company failed to file its 10-Q for the first quarter of 2011 on time. This followed a previous delisting notice after the company didn't file its 2010 10-K filing on time. While that news should be well digested by investors at this point, an article from today listed China Automotive among "26 Small-Cap Stocks in Danger of Delisting."

Now what: The snafu at China Automotive shouldn't have investors too shaken up at this point -- the filing delays are due to noncash accounting adjustments that the company needs to make on its treatment of its convertible notes. However, investors have very itchy trigger fingers right now when it comes to Chinese small caps. Considering that stocks like China MediaExpress and RINO International have been delisted for very worrisome reasons, pairing China Automotive's name with the word "delisting" may have been enough to send a shudder through shareholders.

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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 Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.