Your folding frame quick release is attached to a vertical locking pin for safety. To fold your bike frame, (1) position the quick release perpendicular to the frame. While the quick release is perpendicular to the frame, (2) push up the lever to release the vertical locking pin from the frame. The lock will (3) release and open.
Please download a copy of your folding bike manual for a complete guide to setting up your new bicycle.