FILE - In this June 17, 2021, file photo, a cordon line is set up outside Apple Daily headquarters in Hong Kong. Police on Wednesday, June 23, 2021 arrested a 55-year-old man on suspicion of foreign collusion to endanger national security. According to Apple Daily, which cited unnamed sources, the man writes editorials for the paper under the pseudonym Li Ping. (AP Photo/Kin Cheung, File)

HONG KONG (AP) — Hong Kong’s pro-democracy Apple Daily newspaper will close by this weekend, its parent company said Wednesday, following last week’s arrest of five editors and executives and the freezing of $2.3 million in assets under the city’s national security law.

The board of directors of Next Media said in a statement that Apple Daily’s print edition and online edition will cease no later than Saturday due to “the current circumstances prevailing in Hong Kong.”

The paper’s closure comes as authorities crack down on dissent following months of anti-government protests in 2019. The announcement also coincided with the start of the first trial under the national security law, imposed by Beijing about a year ago.

The widely expected move to close Apple Daily followed last week’s arrests of the five editors and executives, who were detained on suspicion of colluding with foreigners to endanger national security. Police cited more than 30 articles published by the paper as evidence of an alleged conspiracy to encourage foreign nations to impose sanctions on Hong Kong and China.

It was the freezing of assets that spelled the paper's demise. The board of directors had earlier this week written to Hong Kong’s security bureau requesting the release of some of its funds so the company could pay wages.

Police earlier Wednesday arrested a 55-year-old man on suspicion of foreign collusion to endanger national security. According to Apple Daily, which cited unidentified sources, the man writes editorials for the newspaper under the pseudonym Li Ping.

The police operation against Apple Daily drew criticism from the U.S., the E.U. and Britain, which say Hong Kong and Chinese authorities are targeting the freedoms promised to the city when the former British colony was returned to China in 1997.

Chinese and Hong Kong officials have said the media must abide by the law, and that press freedom cannot be used as a “shield” for illegal activities.

The national security law imposed last year criminalizes subversion, secession, terrorism and foreign collusion.

The first person to stand trial under the law, Tong Ying-kit, pleaded not guilty Wednesday to charges of terrorism and inciting secession by driving a motorcycle into police officers during a 2019 rally while carrying a flag with the slogan “Liberate Hong Kong, the revolution of our times.” Several officers were knocked over and three sustained injuries.

His trial will set the tone for how Hong Kong handles national security offenses. So far, more than 100 people have been arrested under the security law, including prominent pro-democracy activists such as media tycoon Jimmy Lai, the publisher of Apple Daily.

The slogan “Liberate Hong Kong, the revolution of our times” was often chanted during anti-government demonstrations demanding broader democratic freedoms. Protests accuse Beijing of walking back on its promise at the 1997 handover of Hong Kong from Britain that the city could retain its freedoms not seen elsewhere in China for 50 years.

China responded with tough measures silencing opposition voices, including the national security law.

The legislation makes calls for Hong Kong independence illegal, and a government notice last July said the protest slogan connotes a call for independence and subversion of state power.

A court ruled last month that Tong will stand trial without a jury, a departure from Hong Kong's common law traditions. Under the national security law, a panel of three judges can replace jurors, and the city’s leader has the power to designate judges to hear such cases.

The law carries a maximum penalty of life in prison for serious offenses. Tong is on trial at the High Court, where sentences are not capped.

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Associated Press news assistant Janice Lo contributed to this report.

News from © The Associated Press, 2021