Fourteen Hong Kong pro-democracy activists were found guilty and two were acquitted on Thursday in a landmark subversion trial that critics say could deal another blow to the city's rule of law and its reputation as a global financial hub.

The verdicts in Hong Kong's biggest trial against the democratic opposition come more than three years after police arrested 47 democrats in dawn raids at homes across the city. They were charged with conspiracy to commit subversion under a national security law imposed by China.

Sentencing will come at a later date for those found guilty, with prison terms ranging from three years to life for this offense. Thirty-one defendants pleaded guilty, and four of them have become prosecution witnesses.