The funicular, which opened in 1888, once drew more than six million visitors a year, according to its operator.
This facelift, worth $102 million, provides a more spacious funicular, which can accommodate 210 passengers, and a renovated terminus in the heart of Hong Kong's business district.
The funicular stopped running in June 2021, when strict border controls in Hong Kong, aimed at curbing the Covid pandemic, put an end to all tourist traffic.
A return ticket for an adult now costs HK$88 ($11.20), up nearly 70% from the pre-renovation period.
“I hope all visitors find this price worthwhile,” said May Tsang, general manager of operator Peak Complex, on Wednesday.
Tourists were absent on Saturday, with Hong Kong registering just 134,000 visitors year-on-year, compared to 65 million in 2018.
This sixth-generation funicular is a far cry from the sedan chairs that transported visitors to Victoria Peak at the start of British colonization.
Located at 396 meters, the peak, which was once an enclave reserved for the rich and influential Hong Kongers, is an easily accessible place for locals and tourists to enjoy a magnificent view of the famous skyscrapers and the city harbour.