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,

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.

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

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.

Hong Kong's Democratic Party is bringing down the curtains after 30 years of being politically active. On Thursday, the leader of the pro-democracy party announced that preparations are underway to shut down the operations.

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