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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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.