engages in the management and provision of railway transit services.
Its consultancy business has widened to cover Asia, Australia, Europe and the Middle East. It now operates subway lines in Beijing, Shenzhen and Hangzhou, and train systems in the U.K. Since the merger, the company has expanded its businesses in and outside of the region to diversify revenue sources. In 2007, MTR was merged with the Kowloon-Canton Railway, the other government-owned railway company in Hong Kong. In 2000, the government sold a 23% stake in the company to private investors in an IPO, and re-established itself as MTR.
It was fully owned by the Hong Kong government at that time. The company was established in 1975 as Mass Transit Railway. Most Hong Kong residents own Octupus cards and use them for trains, buses, trams, shopping and restaurants. The company's automatic fare collection system, known as the Octopus, was the first smartcard system for public transport in the world. It operates nine main commuter lines in the city, and the Airport Express high-speed rail link that connects the city and Hong Kong International Airport. Hong Kong railway company MTR carries an average of more than 5 million passengers every weekday.
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