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.

The leaders of Hong Kong's Democratic Party have announced plans to dissolve what was once the city's largest opposition group. Members will soon vote on the final decision on whether to shut down the 31-year-old party,

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.

Hong Kong’s largest pro-democracy party took an initial step toward dissolving on Thursday. Hong Kong’s Democratic Party’s chairperson Lo Kin-hei said in a news conference that the party's central committee decided to set up a task force to look into the procedures involved.

Hong Kong's Democratic Party has announced plans to disband. Established in 1994, it became the territory's main opposition group. Several party members have been jailed under Hong Kong's National Security Law.