On 5 October 2000, the operator of the MTR network, MTR Corporation Limited (MTRCL), became Hong Kong's first rail company to be privatised, marking the beginning of the Hong Kong government's initiative to dissolve its interests in public utilities. Prior to its listing on the Hong Kong Stock Exchange, the Mass Transit Railway Corporation (MTRC) was wholly owned by the Hong Kong government. The offering involved the sale of about one billion shares, and the company now has the largest shareholder base of any company listed in Hong Kong. In June 2001, MTRCL was transferred to the Hang Seng Index.