Stock exchange criticism of the way recent initial public offerings have been run was rejected yesterday by a leading investment banker. Hong Kong Exchanges and Clearing chief executive Paul Chow Man-yiu said the exchange believed investment banks needed to improve the processing of IPOs following complaints about recent offerings by China Life Insurance and Fujian Zijin Mining Industry. 'The stock exchange considers the processing of recent initial public offerings less than satisfactory,' Mr Chow said after a meeting with industry leaders yesterday. 'The sponsors have a duty to make sure each IPO proceeds as smoothly as possible and they have to ensure the receiving banks are doing their job properly. 'The exchange wants to remind all sponsors to make sure there are sufficient application forms and prospectuses for investors. The receiving banks should collect all types of share application forms.' Investors had complained to the exchange that some branches of HSBC, one of the three receiving banks for China Life's offer, had refused to collect yellow forms from stockbroker clients and would only accept white forms reserved for bank clients. Fujian Zijin was criticised for providing only a limited number of prospectuses. Investment banker Francis Leung Pak-to, of China Life's sponsor Citigroup, rejected Mr Chow's criticism while attending the same meeting. 'The recent IPOs have been very popular and the processes are very smooth,' he said. 'We are in the modern world and maybe we should use CD-Roms to replace prospectuses. The prospectuses are as thick as telephone books and I wonder how many investors would be interested in reading them all. 'The rejection of yellow forms was due to a misunderstanding at only a few branches. It was a single incident and I don't think it's worth further investigation or follow-up.'