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The pro-democracy Hong Kong newspaper Apple Daily could shut be down by Saturday (June 26), after police carried out raids and arrests under the city's national security law.

Reuters saw an internal memo to staff, saying the board would decide whether the company continues to operate on Friday.

If they decide to shut down, June 26 will be the final edition.

Apple Daily is a popular tabloid owned by Lau's Next Digital.

It was founded 26 years ago and has been a strong critic of the Hong Kong and Beijing governments.

Its owner Jimmy Lai was arrested under Hong Kong’s national security law last year and has had his assets frozen.

Last week, police raided the newspaper and arrested senior executives for alleged "collusion with a foreign country."

Police said dozens of Apple Daily articles were suspected of violating the new security law, making it the first case in which authorities have cited media articles as potentially violating the contentious legislation.

Three companies related to Apple Daily are also being prosecuted for collusion with a foreign country and authorities have frozen around $2.3 million of their assets.

The arrests and scale of the Apple Daily raid have been criticized by Western countries, global rights groups, press associations and the chief U.N. spokesperson for human rights.

China's Foreign Commissioner's Office said on Thursday the national security law protected press freedom and warned external forces to "keep their hands off Hong Kong."