First of all, we should avoid that oportunity for the opponent - distance management, footwork, closer guard, keeping him busy...Also, if someone traps your hand like this and then throws a punch, what is the counter to it?
After the trapping, I would rise the shoulder and lean the head / body. I think it happens quite often in MMA. But it is not a counter.
As a counter, I would kick the knee or body (if... because longer weapon). Puting him a bit cautions or off balance is enough, defensively.