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 Democratic Party is set to discuss its potential disbandment as early as this week, according to multiple local news reports.

The Hong Kong Democratic Party, a leading opposition force dating back to the British colonial era, is set to disband, following a years-long political crackdown in the Chinese territory that has seen prominent activists jailed and pro-democracy figures barred from standing for election.

A 30-year-old Hong Kong political party that used to lead the city's pro-democracy camp before Beijing cracked down on dissent will start preparations to shut down, its leader said Feb. 20. "We are going to proceed and study on the process and procedure that is needed for the disbanding," said Lo Kin-hei, chairman of Hong Kong's Democratic Party.

Party will establish task force to arrange for 400 members to vote on whether to break up and handle legal procedures involved in liquidation.

HK's opposition Democratic Party will set up a special task force to discuss steps to disband, party chair Lo Kin-hei has announced.