MeesPierson's China Fund says consolidations in mainland-related shares dragged net income down 37 per cent to US$58,054 for the year to September. Net income per share fell 18.75 per cent to 3.64 cents but net asset value per share surged 229 per cent to $31.16. The fund said it remained positive about the mainland's economic outlook, with reforms and restructuring in state-owned enterprises, and would focus on red chips, conglomerates and banks. No final dividend was proposed.