Hong Kong media tycoon and Apple Daily founder Jimmy Lai Chee-ying was arrested on Friday morning and released on bail later, according to Hong Kong Police.

Also arrested on the account of illegal assembly were Lee Cheuk-yan of Labour Party, and former lawmaker and former chief of the Democratic Party, Yeung Sum.

At a noon-time news briefing, Wong Tung-kwong, in charge of the Crime unit of HK Island Regional Headquarter, said Lai was also held for involving a criminal intimidation case.

Lai and the two others were cited as having allegedly participated in an illegal anti-government mass rally in Hong Kong Island on Aug 31, which then descended into violence and vandalism with radicals attacking the Legislative Council building and the police headquarter and starting fires.

Cases of the three suspects will be heard at Eastern Magistrates' Courts on May 5, the police said.

According to the Public Order Ordinance and Crime Ordinance, both illegal assembly and criminal Intimidation can lead to a maximum penalty of five years in prison.

Lai was taken to Kowloon City Police Station on Friday morning and bailed out according to local stipulations which allow bails for the suspects to await trials later.