The South Korean experienced the incident during a contest against Como in Spain.
Winger Daniel Podence was sent off for punching an opponent right after the incident.
Wolves head coach Gary O'Neil confirmed that Hwang reported the matter to the referee.
O'Neil said: “Channy heard a racist remark which is really disappointing.
“You could see a coming together and Channy was clearly upset by it, as were the lads, you could hear a lot of them trying to comfort Channy and stick up for him.
"It’s really disappointing that it happened, that we have to talk about it and that it impacted the game – not ideal and things like that shouldn’t be around.
“I spoke to Channy and asked if he wanted us to take the team off and he didn’t, he wanted the team to continue. I asked him if he wanted to come off and he didn’t, he was keen to continue. Fair play to him, to suffer something like that and still put the team first, shows what he is to us and how important he is to us. He’ll get our full support and we’ll pick him up in the morning and make sure he’s OK."