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 plant nutrient manufacturer Yongye International (Nasdaq: YONG) wilted today, losing as much as 16% in intraday trading on heavier-than-average volume.

So what: Investors in Chinese small caps couldn't be blamed for feeling beaten-down. Short sellers have circled the group like sharks smelling blood, further encouraged by recent trading halts for China MediaExpress (Nasdaq: CCME) and China Agritech (Nasdaq: CAGC). Neither stock has traded in more than a week, after critics raised questions about both companies. Today, Yongye got speared by a blog post on Seeking Alpha, suggesting that the company's recent 10-K filing raises some red flags.

Now what: Interestingly, this isn't the first time that Ian Bezek -- the post's author -- has gone after Yongye. The last time around, Motley Fool Global Gains advisor Tim Hanson fired back at both Bezek and short sellers in general. In addition, Yongye itself quickly addressed Bezek's allegations. Given the market's response to the new post, it wouldn't be surprising to see another rebuttal from the company. While there are obviously some shenanigans going on at some Chinese small caps, there are undoubtedly plenty of good eggs as well. With the entire space beaten to a pulp, investors who can identify the upstanding companies may be in line to cash in when the dust settles.

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Yongye International is a Motley Fool Global Gains pick. The Fool owns shares of Yongye International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.   

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 CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.