What next for Chinese companies after the UK exit?

Chinese banks and companies that have a presence in the United Kingdom as a gateway to Europe will feel short-term pain following Friday's vote, but will likely take more time before finalizing their post-Brexit strategy. [Photo provided to China Daily]

Wang Jianlin, chairman of Dalian Wanda Group and Asia's richest man with $28.7 billion in wealth as per the latest Forbes list, had also warned he would relocate the European headquarters of his company from the UK to other countries in the event of Brexit.

Chinese experts said Brexit will likely undermine London's position as a premier global financial services hub. This, in turn, would imperil financial linkages between the UK and China as it would put at risk bilateral financial projects under the EU framework.

Gong Zhaoyong, a senior executive at the London branch of China Construction Bank, said Chinese banks may have to renegotiate with the EU as their licensed businesses are registered in the UK.

"Short-term negative impact (of the Brexit vote outcome) on financial markets is a certainty, and it will be in the form of volatility and rising risks," Gong said, noting that it is difficult to say at this point in time what the long-term effect would be.

But Gong said most Chinese companies in the UK have contingency plans ready to face any eventuality.