<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
            For the quarterly period ended March 31, 2001

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

            For the transition period from ___________ to __________

                        Commission file number 000-26169


                                Chinawe.com Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


            California                                     95-462728
--------------------------------------------------------------------------------
State or other jurisdiction of incorporation   (IRS Employer Identification No.)
or organization)

                                Chinawe.com Inc.
                            c/o Hartman & Craven LLP
                         Attn: Edward I. Tishelman, Esq.
                                 460 Park Avenue
                            New York, New York 10022
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                               c/o (212) 753-7500
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

                         NEO MODERN ENTERTAINMENT CORP.
                       442 N. La Cienega Blvd., Suite 206
                            West Hollywood, CA 90048
                          Fiscal year ending June 30th
--------------------------------------------------------------------------------
     (Former name, former address and former fiscal year, if changed since
                                  last report)

The number of shares outstanding of the issuer's common stock, par value $.001
per share, as of May 1, 2001 was 40,000,000.

Transitional Small Business Disclosure Format (Check one): Yes [ ]   No [X]
<PAGE>

                                Chinawe.com Inc.

PART I.  FINANCIAL INFORMATION
                                                                        Page No.

Item 1.  Financial Statement:

         Balance Sheet as of March 31, 2001 (Unaudited)                   F-3

         Statements of Operations for the Three Months Ended              F-4
         March 31, 2001 and March 31, 2000 (Unaudited)

         Statement of Stockholders' Deficit and Comprehensive
         Income (Loss) (Unaudited)                                        F-5

         Statements of Cash Flows for the Three Months Ended              F-6
         March 31, 2001 and March 31, 2000 (Unaudited)

         Notes to Financial Statements                                    F-7

Item 2.  Management's Discussion and Analysis or Plan of Operation        14


PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                 16

SIGNATURES                                                                17

<PAGE>
13

                         PART I -- FINANCIAL INFORMATION


Item 1.  Financial Statements.

                                  BALANCE SHEET
                                 MARCH 31, 2001
                                   (UNAUDITED)
                                    (NOTE 2)
<TABLE>
<CAPTION>
                                                         ---------------   ------------
                                           NOTE                  RMB           US$
                                                         ---------------   ------------
<S>                                                              <C>             <C>
ASSETS
Current assets:
   Cash and cash equivalents                                     481,166         58,126
   Accounts receivable                                            27,498          3,322
   Deposits                                                      487,200         58,858
   Other current assets                                           68,914          8,325
                                                         ---------------   ------------

      Total current assets                                     1,064,778        128,631
                                                         ---------------   ------------

Property, plant and equipment, net           5                   462,415         55,861
                                                         ---------------   ------------


TOTAL ASSETS                                                   1,527,193        184,492
                                                         ===============   ============

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
   Accounts payable                                               55,600          6,717
   Finance lease obligation                                      229,450         27,718
   Accrued expenses and other                                    532,276         64,300
   Customer deposits                                           1,299,560        156,990
   Convertible loan                          6                 1,602,194        193,548
   Advances from related parties             7                 1,553,849        187,708
                                                         ---------------   ------------

   Total liabilities (all current)                             5,272,929        636,981
                                                         ---------------   ------------

Shareholders' deficit:
   Common stock, US$0.001 par value,
    authorized 100,000,000 shares; 40,000,000 shares
    issued and outstanding                                       320,000         40,000
   Capital in excess of par                                     (319,198)       (39,900)
   Accumulated deficit                                        (3,731,994)      (450,832)
   Accumulated other comprehensive loss                          (14,544)        (1,757)
                                                         ---------------   ------------
   Total shareholders' deficit                                (3,745,736)      (452,489)
                                                         ----------------  ------------

   TOTAL LIABILITIES AND
    SHAREHOLDERS' DEFICIT                                      1,527,193        184,492
                                                         ===============   ============
</TABLE>

See notes to the financial statements.


                                       3
<PAGE>


                            STATEMENTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)
                                    (NOTE 2)
<TABLE>
<CAPTION>
                             NOTE                  2001                         2000
                                         ------------------------     -----------------------
                                             RMB            US$         RMB             US$
                                         ----------      --------     --------        -------
<S>                                         <C>            <C>         <C>             <C>
Membership fee income                       609,698        73,653      359,472         43,425

Administrative and general
 expenses                                (3,015,954)     (364,330)    (480,342)       (58,026)
                                         ----------      --------   ----------      ---------

Loss from operations                     (2,406,256)     (290,677)    (120,870)       (14,601)

Other income                                  1,552           187        7,838            947
                                         ----------      --------   ----------      ---------

Loss before income taxes                 (2,404,704)     (290,490)    (113,032)       (13,654)

Income taxes                    8                 -             -            -              -
                                         ----------      --------   ----------      ---------

Net loss                                 (2,404,704)     (290,490)    (113,032)       (13,654)
                                         ==========      ========   ==========      =========

Basic and diluted net
 loss per share                               (0.08)        (0.01)      *               *
                                         ==========      ========   ==========     == =======

Weighted average shares
  outstanding                            30,961,976    30,761,976   28,764,565     28,764,565
                                         ==========    ==========   ==========     ==========
</TABLE>


*  Less than .01 per share.



See notes to the financial statements.


                                       4
<PAGE>



                     STATEMENTS OF SHAREHOLDERS' DEFICIT AND
                           COMPREHENSIVE INCOME (LOSS)
                        THREE MONTHS ENDED MARCH 31, 2001
                                   (UNAUDITED)
                                    (NOTE 2)

<TABLE>
<CAPTION>
                                                                Capital                             Accumulated
                                     Common Stock               in                                  other             Total
                                     ----------------------     excess of         Accumulated       comprehensive     shareholders'
                                                    Amount      par               (deficit)         (loss)            (deficit)
                                     Shares         RMB         RMB               RMB               RMB               RMB
                                     ----------     -------     --------          ----------        -------------     -------------
<S>                                  <C>             <C>         <C>               <C>                 <C>            <C>

Balances, January 1, 2001            28,764,565      230,120     (229,318)         (1,327,290)         (14,544)      (1,341,032)
Acquisition of Neo Modern
  Entertainment Corp. by
  Chinawe.com Inc.                   11,235,435       89,880      (89,880)
Comprehensive loss:
   Net loss for the three months
    ended March 31, 2001                                   -                       (2,404,704)               -       (2,404,704)
   Currency translation adjustments                        -            -                                    -                -
                                     ----------      -------     --------          ----------          -------        ----------

      Total comprehensive loss                                                                                       (2,404,704)

Balances, March 31, 2001             40,000,000      320,000     (319,198)         (3,731,994)         (14,544)       (3,745,736)
                                     ==========      =======     ========          ==========          =======        ==========
Balances, March 31, 2001, US$                        $40,000     $(39,900)          $(450,832)         $(1,757)        $(452,489)
                                                     =======     ========           =========          =======         =========
</TABLE>








See notes to the financial statements.



                                       5
<PAGE>




                            STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)
                                    (NOTE 2)
<TABLE>
<CAPTION>
                                                                2001                                   2000
                                                  ---------------------------------    ---------------------------
                                                        RMB               US$               RMB                US$
                                                  --------------    ---------------    --------------     --------
<S>                                                   <C>             <C>                  <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                           (2,404,704)     (290,490)            (113,032)       (13,654)

   Adjustments to reconcile net loss to net cash
    used in operating activities:
      Depreciation                                        44,554         5,382               16,617          2,007
      Changes in operating assets and liabilities,
       net of effects of acquisition:
         Decrease (increase) in accounts receivable        9,144         1,104               (3,887)          (470)
         Decrease (increase) in other accounts
          receivable, deposits and prepayments         2,135,845       258,012              (62,326)        (7,529)
          (Decrease) increase in accounts payable        (37,463)       (4,525)                 279             34
         Increase (decrease) in other accounts payable
          and accrued expenses                            30,448         3,678              (83,260)       (10,060)
         Decrease in customer deposits                  (279,743)      (33,793)            (172,591)       (20,849)
                                                        --------       -------             --------        -------

NET CASH USED IN OPERATING ACTIVITIES                   (501,919)      (60,632)            (418,200)       (50,521)
                                                        ---------      --------            ---------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of plant and equipment                         (144,628)      (17,471)             (51,961)        (6,277)
                                                        --------       -------              -------         ------

NET CASH USED IN INVESTING ACTIVITIES                   (144,628)      (17,471)             (51,961)        (6,277)
                                                        --------       -------              -------         ------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in advances from related parties (Note 6)    352,627        42,598            1,941,363        146,517
   Repayments to related parties (Note 6)               (181,185)      (21,888)          (2,553,275)      (220,437)
   Repayment of finance lease obligation                 (10,550)       (1,275)                   -              -
   Issuance of common stock by subsidiary                      -             -            2,220,998        268,301
   Cash paid to acquire subsidiaries                           -             -             (561,853)       (67,873)
                                                       ---------       -------            ---------        -------

NET CASH PROVIDED BY FINANCING ACTIVITIES                160,892        19,435            1,047,233        126,508
                                                         -------        ------            ---------        -------

NET (DECREASE) INCREASE IN
  CASH AND CASH EQUIVALENTS                             (485,655)      (58,668)             577,072         69,710

CASH AND CASH EQUIVALENTS, BEGINNING                     966,821       116,794            1,054,236        127,016

EFFECT OF EXCHANGE RATE ON CASH                                -             -               (8,739)          (716)
                                                       ---------       -------            ---------        -------

CASH AND CASH EQUIVALENTS, ENDING                        481,166        58,126            1,622,569        196,010
                                                       =========       =======            =========        =======
</TABLE>


SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

During the three months ended March 31, 2001, the company acquired equipment
under a capital lease obligation amounting to RMB240,000 as follows:

                                                        RMB               US$
                                                        ---               ---
Inception of finance lease obligation                240,000             28,993
Repayment                                            (10,550)            (1,275)
                                              --------------    ---------------

Balance as at March 31, 2001                         229,450             27,718
                                              ==============    ===============
See notes to the financial statements.



                                       6
<PAGE>





                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)


1.    THE INTERIM FINANCIAL STATEMENTS

      The interim financial statements have been prepared by Chinawe.com Inc.
      (formerly known as Neo Modern Entertainment, Corp.) and in the opinion of
      management, reflect all material adjustments which are necessary to a fair
      statement of results for the interim periods presented, including normal
      recurring adjustments. Certain information and footnote disclosures made
      in the last annual report on Form 10-KSB have been condensed or omitted
      for the interim statements. The financial statements presented are those
      of the surviving entity from a merger which occurred on March 15, 2001
      (see Note 2). It is the Company's opinion that, when the interim
      statements are read in conjunction with the June 30, 2000, Annual Report
      on Form 10-KSB, a Definitive Information Statement dated February 12,
      2001, and a Form 8-K dated March 15, 2001, the disclosures are adequate to
      make the information presented not misleading. The results of operations
      for the three months ended March 31, 2001 and 2000, are not necessarily
      indicative of the operating results for the full year.

2.    ORGANIZATION AND MERGER

      On March 15, 2001, Neo Modern Entertainment Corp. ("Neo Modern") completed
      a merger with Chinawe.com Inc., a privately-held company incorporated in
      Delaware in June 2000, pursuant to an Agreement and Plan of Merger dated
      October 17, 2000 (the "Merger Agreement"). In conjunction with the terms
      of the Merger Agreement, Neo Modern changed its name to Chinawe.com Inc.
      ("Chinawe", or the "Company"), and each outstanding share of Chinawe
      common stock was converted into 2,876.4565 shares of the Neo Modern common
      stock.

      The purpose of the merger was to acquire a controlling interest in Chinawe
      and to terminate the prior business of Neo Modern in favor of the Chinawe
      business. Chinawe, through its subsidiaries based in Hong Kong and the
      Peoples Republic of China (the "PRC"), is in the business of enabling
      e-commerce transactions for small and medium-size producers of goods on
      Mainland China for sale to overseas wholesale customers, and managing
      assets located in the PRC by attempting to expedite transactions between
      Chinese operators of these assets and overseas purchasers and
      joint-ventures. This transaction has been recorded as an acquisition of
      Neo Modern by Chinawe and a recapitalization of Chinawe.

      The condensed consolidated financial statements include the accounts of
      Chinawe and the following subsidiaries:

      OFFICEWAY TECHNOLOGY LIMITED ("OFFICEWAY"); incorporated in the British
      Virgin Islands in December 1999, formed for the purpose of acquiring its
      wholly-owned subsidiary, Welcon Info-Tech Limited, in March 2000.

      WELCON INFO-TECH LIMITED ("WIT(HK)"); incorporated in Hong Kong in June
      1997, WIT(HK) provides subscriber services for the production of website
      image and business-to-business e-marketplace for small to medium size
      businesses.

      WELCON INFO-TECH LIMITED ("WIT(GZ)"); a joint venture formed in March 2000
      in which WIT(HK) entered into a joint venture agreement with Guangzhou
      Welcon Info-Tech Limited (the "PRC Party") to establish a Sino-foreign
      co-operative joint venture in Guangzhou for a period of 10 years. The PRC
      Party was registered in Guangzhou in March 1998 and is principally engaged


                                       7
<PAGE>

                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)


      in providing subscriber services for the development of computer software
      and networking, website design, technical consulting and
      business-to-business e-marketplace for small to medium size businesses.
      The joint venture agreement required WIT(HK) to invest RMB1,056,412 into
      the joint venture. The PRC Party is to provide premises, facilities and
      licensing agreements for an annual service fee of RMB100,000. All profits
      or losses, net of service fees from the joint venture are to be allocated
      to WIT(HK).

3.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      (a)   Basis of presentation

            The accompanying financial statements present the financial position
            of the Company, WIT (HK) and WIT (GZ) as of March 31, 2001, and the
            results of their operations and cash flows for the three months
            ended March 31, 2001, and the period from January 1, 2000 through
            March 15, 2000 on a combined basis. Prior to March 15, 2000, the
            Company, WIT (HK), and WIT (GZ) combined, represented the
            predecessor operations of the Company. Subsequent to March 15, 2000,
            the accompanying financial statements present the financial
            position, results of operations and cash flows of the Company and
            its subsidiaries WIT (HK) and WIT (GZ) on a consolidated basis. All
            inter-company accounts and transactions have been eliminated in
            combination and consolidation.

      (b)   Cash and cash equivalents

            Cash and cash equivalents include cash on hand and deposits with
            banks with an original maturity of three months or less.

      (c)   Property, plant and equipment

            Property, plant and equipment which consists of computer equipment,
            motor vehicle and leasehold improvement, are stated at cost less
            accumulated depreciation.

            Depreciation is calculated on a straight line basis over the
            estimated useful life of the asset. The annual rate used for
            computer equipment, motor vehicle and leasehold improvement is 30%,
            30% and 50% respectively.

      (d)   Translation of foreign currencies

            Monetary items denominated in foreign currencies are translated into
            Renminbi at the rate of exchange in effect at the balance sheet
            date. Non-monetary items denominated in foreign currencies are
            translated into Renminbi at the approximate rate of exchange in
            effect at the translation date. Any revenue or expense resulting
            from a transaction made in a foreign currency is translated into
            Renminbi at the approximate rate of exchange in effect on the date
            of the transaction. Foreign exchange gains or losses resulting from
            the

                                       8
<PAGE>



                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

            translation or settlement of a monetary item in a foreign currency
            are included in the determination of net earnings.

            Translation of amounts from RMB into US$ for the convenience of the
            reader has been made at the Exchange Rate on March 31, 2001 of
            US$1.00 = RMB8.2780 and US$1.00 = RMB8.30 respectively. No
            representation is made that the RMB amounts could have been, or
            could be, converted into United States dollars at that rate on
            March 31, 2001 or at any other date.

      (e)   Income taxes

            Deferred tax assets and liabilities are recognized for the future
            tax consequences attributable to differences between the financial
            statement carrying amounts of existing assets and liabilities and
            their respective tax bases. Deferred tax assets and liabilities are
            measured using enacted tax rates expected to apply to taxable income
            in the years in which those temporary differences are expected to be
            recovered or settled.

      (f)   Revenue recognition

            Subscription and service income receivable from members is
            recognized over the period of subscription and to the extent of
            services rendered in accordance with the terms of subscription and
            membership agreements.

      (g)   Use of estimates

            The preparation of consolidated financial statements in conformity
            with accounting principles generally accepted in the United States
            requires management to make estimates and assumptions that affect
            the reported amounts of assets and liabilities and disclosure of
            contingent assets and liabilities at the date of the consolidated
            financial statements and the reported amounts of revenues and
            expenses during the reporting period. Actual results could differ
            from those estimates.

      (h)   Comprehensive income

            Statement of Financial Accounting Standard (SFAS) No. 130,
            "Reporting Comprehensive Income" establishes standards for the
            reporting and display of comprehensive income, its components and
            accumulated balances in a full set of general purpose financial
            statements. SFAS No. 130 defines comprehensive income to include all
            changes in equity except those resulting from investments by owners
            and distributions to owners. Among other disclosures, SFAS No. 130
            requires that all items that are required to be recognized under
            current accounting standards as components of comprehensive income
            be reported in a financial statements that is presented with the



                                       9
<PAGE>



                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

            same prominence as other financial statements. The Company's only
            current component of comprehensive income are foreign currency
            translation adjustments.

      (i)   Recently issued accounting pronouncements

            In June 1998, the Financial Accounting Standards Board issued SFAS
            No. 133, "Accounting for Derivative Instruments and Hedging
            Activities". This statement, as amended, is effective for fiscal
            years beginning after June 15, 2000. The Company currently does not
            have any derivative instruments nor is it engaged in hedging
            activities, thus the Company does not believe implementation of SFAS
            No. 133 will have a material impact on its financial statements
            presentation or disclosures.

            In December 1999, the staff of the Securities and Exchange
            Commission issued Staff Accounting Bulletin ("SAB") No. 101, Revenue
            Recognition in Financial Statements. SAB No. 101, as amended by SAB
            No. 101A and SAB 101B, is effective no later than the fourth quarter
            of fiscal years beginning after December 15, 1999. SAB No. 101
            provides the staff's views in applying general accepted accounting
            principles to selected revenue recognition issues. Currently, the
            Company believes that it complies with the accounting and disclosure
            described in SAB No. 101; therefore, management believes that SAB
            No. 101 will not impact the Company's financial statements.

      (j)   Risk considerations

            (i)   As a majority of the Company's operations are conducted in the
                  PRC, the Company is subject to special considerations and
                  significant risks not typically associated with investments in
                  equity securities of North American and Western European
                  companies. The Company's operations may be adversely affected
                  by significant political, economic and social uncertainties in
                  the PRC. Although the PRC government has been pursuing
                  economic reform policies for the past several years, no
                  assurance can be given that the PRC government will continue
                  to pursue such policies or that such policies may not be
                  significantly altered, especially in the event of a change in
                  leadership, social or political disruption or unforeseen
                  circumstances affecting the PRC's political, economic and
                  social life. There is also no guarantee that the PRC
                  government's pursuit of economic reforms will be consistent or
                  effective.

            (ii)  The Company expects that substantially all of its revenues
                  will be denominated in RMB. A portion of such revenues will
                  need to be converted into other currencies to meet foreign
                  currency obligations such as payment of any dividends
                  declared. Both the conversion of RMB into foreign currencies
                  and the remittance of foreign currencies abroad require PRC
                  government approval. No assurance can be given that the
                  operating subsidiaries within the Company will continue to be
                  able to convert sufficient amounts of foreign currencies in
                  the


                                       10
<PAGE>



                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

                  PRC's foreign exchange markets in the future for payment of
                  dividends.

4.    ACQUISITION OF WIT(HK) AND WIT(GZ)

      Effective March 15, 2000, the Company acquired the business of WIT (HK)
      for US$67,873 (RMB561,853). On March 20, 2000, WIT(HK) acquired the
      business of the PRC party by forming the joint venture, WIT(GZ). The
      acquisitions were accounted for as purchases, and the results of WIT(HK)'s
      and WIT(GZ)'s operations are included in the Company's 2000 consolidated
      statement of operations from date of acquisition. The purchase price was
      allocated to the assets acquired and liabilities assumed based on their
      estimated fair values at the date of acquisition. The purchase price
      equalled the carrying values of the net assets acquired.

5.    PROPERTY, PLANT AND EQUIPMENT

                                                March 31, 2001
                                       -----------------------------------
                                             RMB                  US$
                                       ---------------    ----------------
      At cost:
      Computer equipment                       139,804              16,888
      Leasehold improvement                     40,904               4,941
      Motor vehicle                            346,158              41,817
                                       ---------------    ----------------

      Accumulated depreciation                  64,451               7,785
                                       ---------------    ----------------

                                               462,415              55,861
                                       ===============    ================

6.    CONVERTIBLE LOAN

      On August 26, 2000, the Company entered into an agreement with a third
      party whereby the third party loaned the Company HK$1,500,000
      (RMB1,602,194) to support the Company's restructuring activity. The loan
      is convertible into 6.37% of the shares of the listed company upon
      completion of the acquisition and restructuring. The convertible loan is
      unsecured and non-interest bearing.


7.    RELATED PARTY TRANSACTIONS

      The balances with related parties are as follows:

                                                 March 31, 2001
                                        -----------------------------------
                                              RMB                  US$
                                        ---------------    ----------------

      Advances from related parties:
         Shareholders                         1,525,164             184,243
         PRC party                               28,685               3,465
                                        ---------------    ----------------

                                              1,553,849             187,708
                                        ===============    ================

                                       11
<PAGE>


                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (UNAUDITED)

         All balances with related parties are unsecured, non-interest bearing
         and payable on demand. During the three months ended March 31, 2001 and
         2000, the Company received advances from related parties of RMB352,627
         and RMB1,212,868, respectively. In addition, during the three months
         ended March 31, 2001 and 2000, the Company repaid advances of
         RMB181,185 and RMB1,824,780, respectively.

         The Company occupied office space in a building leased by an affiliate
         of the Company. Rent expense for each of the years ended March 31, 2001
         and 2000 was approximately RMB32,100.

8.       INCOME TAXES

         It is management's intention to reinvest all the income attributable to
         the Company earned by its operations outside the United States.
         Accordingly, no U.S. corporate income taxes will be provided in these
         financial statements.

         The Company is subject to income taxes on an entity basis on income
         arising in or derived from the tax jurisdiction in which each entity is
         domiciled.

         Under the current laws of the British Virgin Islands (the "BVI"),
         dividends and capital gains arising from the Company's investments in
         the BVI are not subject to income taxes and no withholding tax is
         imposed on payments of dividends to the Company.

         Companies that carry on business and derive income in Hong Kong are
         subject to Hong Kong profits tax at 16%. Companies that carry on
         business and derive income into the PRC are subject to national income
         tax at 30% and local income tax at 3%.

         No income taxes have been provided for WIT(HK) as it incurred tax
         losses during 2000 and 1999. Losses of WIT(HK) can be carried forward
         to offset future taxable income for an indefinite period. No income
         taxes have been provided for WIT(GZ) as it has incurred losses since
         it began operating in March 2000. Losses of WIT(GZ) can be carried
         forward to offset future taxable income (if any) for a period of five
         years.

         The reconciliation between the effective tax rate and the statutory
         U.S. federal income tax rate is as follows:

                                                      2001                2000
                                                      ----                ----
                                              % of Pre-tax        % of Pre-tax
                                                    income              income

         U.S. federal income tax rate                   34                  34
         Operating losses                              (34)                (34)
                                          ----------------    ----------------

                                                         -                   -
                                          ================    ================


                                       12
<PAGE>



                        NOTES TO THE FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                  (UNAUDITED)

         At March 31, 2001, the Company's deferred tax assets are as follows:
                                                         RMB        US$

         Hong Kong operating loss carry forward      321,666     38,849
         PRC operating loss carry forward            337,537     40,765
         Deferred tax assets valuation allowance    (659,203)   (79,614)
                                                    --------    -------

         Net deferred tax assets                           -          -
                                                    ========    =======


         Management has provided a full allowance for deferred tax assets as
         realization of the assets is not assured.


                                       13
<PAGE>




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

         On March 15, 2001, the merger of Chinawe.com Inc. with and into Neo
Modern Entertainment Corp. was effectuated and the name of the survivor was
changed to Chinawe.com Inc. Incident to the merger, the former operations of NEO
MODERN ENTERTAINMENT CORP., which dealt with the production and distribution of
motion picture clips, was spun off to an entity owned by the former managers of
that enterprise. Accordingly, the entire business theretofore continued by
Chinawe.com Inc. is the business now conducted by the public company. Incident
thereto, the fiscal year of the public company was changed to the year ended
December 31st, which is the same fiscal year as had previously been utilized
by Chinawe.com Inc.

General

         The following discussion of the Company's financial condition and
results of operations should be read in conjunction with the Financial
Statements and Notes thereto appearing elsewhere in this Quarterly Report on
Form 10-QSB.

         Certain statements set forth in the Company's Quarterly Report on Form
10-QSB for the quarter ended March 31, 2001 are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that forward looking statements involve risks and uncertainties,
including general economic conditions, delays and risks associated with the
performance of contracts, the process of regulatory approval and supervision,
potential acquisitions, consumer and industry acceptance, litigation and the
volatility of domestic securities markets.

Quarter Ended March 31, 2001 compared with Quarter ended March 31, 2000

         Total revenues for the first quarter ended March 31, 2001 were $73,653,
a 70% increase from $43,425 reported for the corresponding quarter of the prior
fiscal year ending March 31, 2000. This increase is attributable mainly to an
increase in firms and persons signed up for the service provided by the Company.
Administrative and general expenses increased from $58,026 to $364,330, a change
of 528%, due to additional work performed on the Company's service and due to
approximately $243,000 of expenses related to the merger transaction. The loss
from operations accordingly increased from $14,601 to $290,677, representing an
increase of 1,890%. The Company expects its loss to continue to increase as it
establishes its network and engages in its various lines of business.

Viability of Operating Results

         The Company is engaged in establishing its operating lines of business
and building its memberships. These factors have an impact on the Company's
operations and revenues. It is


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<PAGE>

expected that for the foreseeable future the Company will continue to develop
these areas and operate at a loss.

Liquidity and Capital Resources

         The Company's statement of financial position reflects a liquid
financial position of cash representing 31.5% as at March 31, 2001.

         The Company finances its operations primarily with existing capital,
funds generated from operations, and net cash provided by financing activities
(including amounts financed by the majority stockholders).







                                       15
<PAGE>



                           PART II - OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         (a)      Exhibits.

                  Exhibit Number:

                  (2)      Agreement and Plan of Merger dated October 17, 2000 *

                  (11)     Calculation of Earnings Per Share

(b)      Reports on Form 8-K.

                  During the quarter ended March 30, 2001, a report on Form 8-K,
                  dated March 15, 2001, was filed with the Securities and
                  Exchange Commission on March 30, 2001 ("Report"). The
                  following items were reported on the Report:

                           Item 1.  Changes in Control of Registrant; and

                           Item 2.  Acquisition or Disposition of Assets.
         --------
         * Filed as appendix A-1 to the Definitive Information Statement filed
         with the Securities and Exchange Commission on February 12, 2001 and
         hereby incorporated by reference herein.



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<PAGE>



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

Date: May 15, 2001                                   Chinawe.com Inc.
                                                     ----------------
                                                       (Registrant)


                                                     By: /s/ Man Ying Ken Wai
                                                         ----------------------
                                                         Man Ying Ken Wai
                                                         Vice President


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<PAGE>

EXHIBIT (11)

Chinawe.com Inc.

EPS Calculations for period January 1 to March 30

                   RmB          US$          RmB         US$
                  -----        -----        -----       -----
Basic             (0.08)      (0.01)         (*)         (*)
                  ------      =======      -------     -------

Diluted           (0.08)      (0.01)         (*)         (*)
                  ------      =======      -------     -------



*   Less than .01 per share










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