Hong Kong's Democratic Party said Thursday it is formally dissolving what once was the main political opposition group in the city. A task force has been set up to handle the legal and financial details of dissolution.

Hong Kong's Democratic Party said late on Thursday it would start preparations to disband and wind up its affairs after a meeting of its leadership, amid a years-long national security crackdown in the China-ruled city.

After the imposition of a wide-ranging national security law in Hong Kong in 2020, the Democratic Party effectively became the only sizeable opposition party left on the scene and its announcement last week of an impending closure has reignited debate on the city's politics.

Leaders of Hong Kong’s oldest pro-democracy party said they will seek a vote to shut it down after Beijing’s national security crackdown silenced dissent and barred opposition politicians from public office.

Hong Kong’s Democratic Party said on Thursday that it would begin steps to disband, citing the political situation. The city’s largest opposition group, the Democratic Party marked its 30th anniversary last year.