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.

The Democratic Party's fortunes declined after Beijing tightened its grip and imposed a national security law.

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