Investors yesterday brushed aside the impact of graft convictions against the senior executives of Sun Hung Kai Properties, pushing the developer's shares up 2.21 per cent in the first trading day after the verdicts were handed down. Thomas Kwok Ping-kwong and Thomas Chan Kui-yuen were found guilty on Friday of conspiracy to commit misconduct in public office in a case that centred on payments to former chief secretary Rafael Hui Si-yan. It was the city's biggest corruption trial. Thomas Kwok has resigned as co-chairman of SHKP and Thomas Chan as executive director. Credit rating agencies Standard & Poor's and Fitch Ratings said the developer was not affected by their resignations. The stock yesterday rose 3.27 per cent to a high of HK$117 before closing at HK$115.80, after trading in the shares of the city's biggest developer by market value resumed following Friday's suspension. Alfred Lau, an analyst at Bocom International, said he believed SHKP had shown the market that business remained normal, with buoyant property sales and a major expansion of its land bank in the past two years. "We believe the market may view the result as slightly positive, helping to avoid some technical sell-off, as only one of the chairmen was found guilty," said Lau, adding that the shares might trade up or down within a 5 per cent range. Raymond Kwok Ping-luen, Thomas Kwok's younger brother, was acquitted on all four charges that he faced. He becomes the property giant's sole chairman. Thomas Kwok's son, Adam Kwok Kai-fai, was appointed an executive director as part of a management reshuffle on Friday. Thomas Kwok's conviction on one charge of conspiracy to commit misconduct in public office relates to payments to Hui of HK$8.5 million in 2005 for him to act as his eyes and ears in government ahead of Hui becoming chief secretary and an Executive Council member. Chan was found guilty of conspiracy to commit misconduct in public office and conspiracy to offer an advantage to a public servant for his role in transferring funds between Thomas Kwok and Hui. Shares of SuneVision Holdings, headed by Raymond Kwok, rose 0.41 per cent to HK$2.44 while SmarTone Telecommunications Holdings, also led by him, closed 0.48 per cent firmer at HK$12.52. S&P believes "SHKP's board will continue to function effectively". "An interim management structure that has been in place for the past two years has enabled SHKP to maintain good execution of its strategy and operations. We believe that SHKP will achieve strong sales over the next 12 months," it said. Fitch has affirmed SHKP's long-term issuer default rating at A and short-term at F1. "The outlook is stable," it said. Separately, Bank of East Asia announced in a stock exchange statement yesterday Thomas Kwok had resigned as a non-executive director and a member of its nomination and remuneration committees.