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 industrial valve manufacturer China Valves Technology (Nasdaq: CVVT) were surging today, gaining as much as 11% in intraday trading.

So what: China Valves announced today that one of the company's subsidiaries will be providing valves for multiple demonstration projects at ultra-supercritical power plants. The agreement is part of a broader effort in China to replace imported valves with those manufactured locally.

Now what: The five projects are expected to bring $50 million in revenue to China Valves over the next two years, which is significant considering the company's total revenue for 2011 is expected to be $229 million. Like many other Chinese reverse-merger companies, China Valves' stock has been taken to the woodshed and currently trades at a mere 2.2 times its trailing earnings. But while investors don't seem to have faith in the company, its CEO reiterated its ability to deliver, saying, "We remain confident in achieving our revenue growth and gross margin projections."

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Fool contributor Matt Koppenheffer does not have a financial interest in 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 Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.