Some 500 policemen raided the offices of pro-democracy paper Apple Daily in Hong Kong, alleging its reports breached a national security law.
Police also arrested the editor-in-chief and four other executives at their homes and froze HK$18m ($2.3m; £1.64m) of assets owned by three companies linked to Apple Daily.
The paper is owned by Jimmy Lai, who is in jail on a string of charges.
Apple Daily is known to be critical of the mainland Chinese leadership.
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