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 mobile phone maker Qiao Xing Mobile (NYSE: QXM) dialed up as much as 23% in intraday trading on heavy volume.

So what: Qiao Xing Mobile, which is already majority-owned by Qiao Xing Universal Resources (Nasdaq: XING), announced today that its board of directors had approved Qiao Xing Universal's offer to purchase the shares of Qiao Xing Mobile that it doesn't already own. The offer -- which is 1.9 shares of Qiao Xing Universal and $0.80 in cash per share of Qiao Xing Mobile -- will now be put in front of Qiao Xing Mobile shareholders for a final vote.

Now what: After gaining considerably yesterday, Qiao Xing Universal shares declined on today's news. However, based on the current price for Qiao Xing Universal's stock, the buyout offer still values Qiao Xing Mobile shares at a 20%-plus premium to the current price. Considering the volatility of Qiao Xing Universal shares, though, the final consideration -- assuming the offer is voted through -- could be significantly higher or lower.

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Fool contributor Matt Koppenheffer owns shares of Qiao Xing Mobile, but does not own shares of any of the other companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy prefers dividends to a sharp stick in the eye.