HONG KONG—A Hong Kong online news site said Sunday that it would cease operations in light of deteriorating press freedoms, days after police raided and arrested seven people for sedition at a separate pro-democracy news outlet. Citizen News announced its decision in a Facebook post Sunday. It said it would stop updating its site on Jan. 4, and it would be shuttered after that. “We have always loved this land, but at present, we are helpless as we are not only facing wind and rain, but tornadoes and huge waves,” it said in a statement. “We have never forgotten our original intentions, but it is a pity that the rapid changes in society in the past two years and the deterioration of the media environment have prevented us from achieving our ideals without worry.” Citizen News is the third news outlet to close in recent months, following pro-democracy newspaper Apple …