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: Despite announcing a pair of new partnerships, shares of NQ Mobile Inc (NYSE: NQ) fell by as much as 15% early Thursday before settling to close down around 8%.

So what: First, NQ mobile announced its FL mobile gaming subsidiary has entered into an agreement with Japanese game operator Mobcast and developer Gumi to bring to China their jointly developed mobile soccer game, Chain 11. The game has garnered roughly 1 million downloads in Japan, and FL Mobile CEO Dr. Tony Ni insists it has "the potential to be a massive hit worldwide." Ni elaborated bringing the game to China both "enhances FL Mobile's multi-player offerings while solidifying our position among the top operators of games in China."

Separately, mobile device insurance provider eSecuritel announced it will augment its services by providing NQ Mobile's security and privacy software solutions.

Still, specific financial terms weren't released for either partnership, so it's difficult to quantify how they'll affect NQ Mobile's top and bottom lines.

Now what: The elephant in the room remains in that NQ Mobile still hasn't released its annual report on Form 20-F, which was originally due to be filed on April 30. NQ Mobile has already delayed the filing twice, however, amid allegations of fraud and as it awaits completion of its independent auditor investigation. For now, NQ Mobile can announce all the new partnerships it wants, but given all the red flags continuing to crop up, I certainly can't blame the market for taking another step back today.