On the morning of October 18, at the Zibo New Economic Development Conference, Ma Yuwen, Director of Enterprise Consulting at the Great Wall Strategy Consultants, released the "Zibo Gazelle and Unicorn Enterprise Development Report 2020". The conference also unveiled the city’s official rankings for Quasi-Unicorn Enterprises, Unicorn Incubation Enterprises, Gazelle Enterprises, and Gazelle Incubation Enterprises, with HENGHUI (山東新恒匯電子科技有限公司) leading the Quasi-Unicorn list.

Great Wall Strategy Consultants, a leading non-governmental think tank in China, pioneered the research and release of "Unicorn" rankings. Since 2016, it has published three consecutive annual reports on Chinese unicorn enterprises. In 2019, based on its GEI Unicorn Enterprise criteria, the firm identified 296 qualified unicorn enterprises spanning 34 major sectors and 107 emerging fields—including commercial aerospace, MCN, cultural IP design, VR/AR, and high-end intelligent equipment. Among these, 122 potential unicorns secured financing in 2019.