As soon as ChangXin Memory Technologies opened its blockbuster initial public offering to public subscription on Thursday morning, Luo Yi applied for 86,000 shares – despite acknowledging that she knew little about the semiconductor industry. The 60-year-old stock investor from southwestern Sichuan province was encouraged by her securities account manager, who told her that CXMT’s unusually large share sale could produce a higher allotment rate than most Chinese mainland IPOs. Luo’s application...