The police order involved bank accounts and property in Mong Kok where the now-shuttered June 4 museum had operated.
Earlier this month, the force charged several key members of the alliance with inciting subversion of state power, saying in a statement at the time that it had frozen HK$2.2 million in assets. Officers also raided the museum.
Richard Tsoi, a member of the group, said the police’s latest move was unnecessary given that the alliance had already begun legal procedures to liquidate.
He said in a statement that he would write to the police to demand the release of the assets so that he could continue liquidating the alliance.