Como condemned racism and added that one of their players had referred to Hwang as "Jackie Chan," based on the nickname 'Channy' used by the Wolves players for their colleague.
Hwang reported the incident midway through the second half, which led to an angry response from his teammates and saw Daniel Podence sent off for punching a Como player, the midlands club said.
Como, newly promoted to Italy's top flight, said they had spoken to their player involved in the exchange and believed he had not said anything derogatory.
"He has told us the comment he made, to his co-defender, was 'ignore him, he thinks he's Jackie Chan'.
"Having spoken to our player at length, we are confident this was in reference to the player's name, and to the constant references of 'Channy' made by his own teammates on the pitch," the Como statement added.
Jackie Chan is a kung fu movie star from Hong Kong.
Wolves manager Gary O'Neil said he had asked Hwang if he wanted the match to be abandoned or to be substituted but he wanted the game to continue.
Wolves won 1-0 at their training camp in Marbella, Spain.
"Channy (Hwang) will be OK. He’ll get our full support and we’ll pick him up in the morning and make sure he’s OK. It’s a together group," the manager added.
