According to the company, over 90 percent of fares will rise by 40 HK cents or less by that time.

The hike in fares was previously announced in March, following the completion of the Fare Adjustment Mechanism review, which used a new formula linked to the train company's profits.

The fare adjustment will affect about 75 percent of fares, with 20 HK cents being the maximum increase for 70 percent of fares, while 4 percent of fares will remain unchanged.

Meanwhile, about 18 percent of fares will experience an adjustment of 30 to 40 HK cents.

For passengers using Octopus or QR code for local journeys, excluding Racecourse Station, the fare adjustment rate will be up to 80 HK cents.

MTR Corporation has also announced that to ensure that the accumulative pool of "Service Performance Rebate" amount from the previous year is fully rebated to passengers, they will be hosting the fifth "Thank You Day" on August 19, given that there is a remaining amount from the four earlier ones.

As a result, passengers will be able to enjoy a 50 percent fare discount for every trip with their Octopus on the MTR, Light Rail and MTR Bus; or when they travel with a QR code on the MTR heavy rail network on August 19.

The discount will apply to trips running to and from Lo Wu or Lok Ma Chau stations as well.