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Wuxin Technology has also introduced a number of measures to improve the ability to implement the protection of minors to ensure that business partners actively implement the main responsibility, strictly enforce relevant laws and regulations, and prohibit the sale of RELX products to minors.

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According to the financial report, the net revenue of Fogcore Technology in the first quarter of 2021 was RMB 2.40 billion (US$370 million), an increase of 48.2% from RMB 1.62 billion in the fourth quarter of 2020. Under non-US GAAP, adjusted net profit was RMB 610 million (US$93.2 million), an increase of 45.6% from RMB 420 million in the fourth quarter of 2020.


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Balance sheet

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Administrative expenses for the first quarter of 2021 increased by 59.5% from 450 million yuan in the fourth quarter of 2020 to 710 million yuan (110 million U.S. dollars). This increase was mainly due to (i) increases in employee salaries and benefits expenses, and (ii) increases in share-based compensation expenses, part of which was offset by the decrease in legal and other consulting fees.

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