At least 18 people were killed in the accident, while 62 more were injured, the paper reports.
Speaking to reporters after visiting the injured in the Prince of Wales Hospital, HKSAR Chief Executive Lam Cheng Yuet-ngor said she will order an independent inquiry to see whether there are any systemic problems with Hong Kong's bus operations. The accident occurred at around 6 PM local time on Saturday. Ten were listed in critical condition and 15 serious.
The causes of an accident involving a double-decker bus that took place on Tai Po Road have not yet been identified, though there are some reports that the vehicle was going too fast.
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"He was grumpy because some people criticised him for being late", said one. "It was like the tyre slipped, and the bus turned".
Li said that the driver had not been under the influence of alcohol and had not needed any medical help.
It is the bloodiest bus accident in Hong Kong for almost 15 years.
The driver of the bus joined the company in 2014.
Representatives from the bus operator said on Saturday evening that the driver had a good track record and knew the route, which only runs on race days.