(Yicai Global) April 23 -- Shares of China’s GSX Techedu tumbled even as the embattled online tutoring services provider said it will rename itself Gaotu Group, referring to its leading K12 education brand.

GSX Techedu [NYSE:GSX] closed 9.3 percent lower at USD26.90 in New York yesterday. Since reaching USD142.70 on Jan. 27, its highest this year, the stock has lost 81 percent.

The new name should help clean up the firm’s negative image, Beijing Daily reported today, citing an insider. It is not unusual for Chinese online after-school education providers to change name, the person added. TAL Education Group, for example, was originally known as Xueersi.

Multiple short-sellers, including Grizzly Research, Citron Research, Scorpio Venture Capital, and Muddy Waters Research have targeted GSX Techedu in reports since last year, claiming the Beijing-based company has faked its financial data and teachers’ qualifications.

On March 2, GSX Techedu said it had concluded an internal inquiry and found none of the alleged flaws but will continue cooperating with the US Securities and Exchange Commission in its investigation.

The firm’s K12 education business will continue with the same name Gaotu Classroom and its adult tutoring business will be named Gaotu Academy, it said in a statement yesterday.

Gaotu Classroom generates nearly 90 percent of the company’s revenue so streamlined brand names can strengthen the firm’s influence and save marketing costs, it added.

Editor: Emmi Laine, Xiao Yi