A report in last weekend's Sunday Times said the investment firm's managing director Canning Fok had told prime minister David Cameron that Three would leave the UK if it is overlooked.
The company has today released a statement categorically denying the report, calling it "groundless."
The statement read: "The speculations that HWL may stop investment in the UK and/or quit the UK telecom market are totally untrue and groundless.
"HWL is the largest Asian investor in the UK and is happy with its current investments in the country; and [we are] actively looking at various different investment opportunities in the UK."
Sooner rather than LTE-r
The UK's main networks face an anxious wait for Ofcom to set a new date for the long-delayed auction, which will give each of them the chance to bid for the mobile airwaves and roll-out next-gen speeds.
At present, the only carrier with a leg-up on the rest is Everything Everywhere, which owns Orange and T-Mobile.
Ofcom had agreed to allow the company to convert some of its existing 1800MHz spectrum to launch a 4G LTE network before the end of the year.
However, rivals have cried foul and the regulator is currently listening to appeals with a verdict expected before the end of the month.