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 insurer CNinsure (Nasdaq: CISG) were hammered today, falling more than 15% in intraday trading after the company posted third-quarter earnings yesterday.

So what: I'll admit to being a bit baffled here. CNinsure's revenue and earnings per share were both up 30% year over year. Earnings per share were ahead of Wall Street's estimates, as was the company's projection for fourth- quarter earnings. Overall, it sounds like the business is growing and strengthening its footprint in the Chinese market.

Now what: Other small-cap Chinese companies -- particularly RINO International (Nasdaq: RINO) and Harbin Electric (Nasdaq: HRBN) -- have been getting a skeptical eye from investors lately as they question whether reporting and oversight has been up to snuff. However, it would be tough to lump CNinsure in with this group; the company's auditor is Deloitte Touche Tohmatsu, and unlike some Chinese companies that hit the U.S. markets through reverse mergers, CNinsure went through a traditional IPO process led by Morgan Stanley. If CNinsure has been on your watchlist, today's action just might have created a buying opportunity.

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