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 Yongye International (NASDAQ: YONG) were up as much as 15% today after the agricultural supplier reported earnings.

So what: Yongye said revenue jumped 69.6% to $301.3 million, while net income more than doubled, increasing 110% to $86.4 million, or $1.51 per share after adjustments. There are no analysts following Yongye so comparisons can't be made to estimates. CEO Zishen Wu noted the company's "effective channel management and successful promotional activities," which helped boost sales, and management reaffirmed its full-year revenue guidance, based on shipments, of $650 million-$680 million.

Now what: Based on its valuation, Yongye seems to fit into a group of Chinese stocks, which investors consider to have high fraud risk, as it's P/E would be just one if it had four quarters like this one. It's multi-level distribution model has been compared to Herbalife, which has come roaring back after recovering from allegations of a pyramid scheme. Meanwhile, Yongye seems to have had no problem recovering from a three-month Nasdaq trading halt that caused many of its Chinese peers to be delisted. I can't address the fraud risk in Yongye, but plenty of Chinese stocks have turned into multibaggers, including Vipshop, which has jumped a whopping 750% in the last year. Risk-seeking investors may want to take a closer look at Yongye.