Hong Kong's last remaining major opposition party took a key step towards disbanding itself on Sunday after a special meeting approved arrangements to do so in the face of pressure from China, amid a national security crackdown.

Five senior members of the Democratic Party had earlier told Reuters that Chinese officials or middlemen had warned it in recent months to disband or face serious consequences, including possible arrests.

The party, founded three years before Hong Kong's return to Chinese rule from Britain in 1997, has been the Asian financial hub's flagship opposition, uniting democratic forces to push Beijing on democratic reforms, and to uphold freedoms.

Party head Lo Kin-hei told reporters that 90 percent of 110 members had voted at Sunday's meeting for a three-person committee to start making arrangements for disbandment, including resolving legal and accounting matters.

"I hope Hong Kong's political parties ... will continue to work for the people," Lo said at the party's headquarters. "We have always hoped to serve the Hong Kong people, and to do things that are good for society."

After the panel completed its work, a final vote on dissolution would be held in coming months, Lo added. Finalization of the move requires a majority vote of 75 percent.

Lo did not give an exact date for completion of disbandment, but said it could be as late as next year, adding, "Until the final dissolution, the party will keep on with its usual work."