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, Inc (NASDAQ: YONG) fell 11% today after shareholders rejected an effort to go private.

So what: Shareholders rejected a bid to take the company private for $6.69 per share. Management said in a statement that it still believes in the long-term prospects of the company, and will work to maximize value for shareholders. 

Now what: The drop isn't surprising, given the fact that shares traded well below the $6.69 level before the offer, and are returning to that range. The merger proposal itself was even strange and, given the complex structure Chinese companies often take to become traded in the U.S., shareholders often don't have the same rights as they do in the U.S. That complexity alone will keep me out of shares, because we've learned that in China, you don't always know what you're getting.