In the quarter-finals of the bantamweight division, Conlan lost out to Vladimir Nikitin despite appearing to have done enough to earn at least a bronze medal at the Olympic Games.
After the result was announced, Conlan criticised the three officials and alleged that the amateur boxing association was "rotten to the core" but despite Conlan vowing to never fight for the AIBA again, Wu insists that he will face severe punishment.
Wu told The AP: "He immediately showed his finger to the referee-judges. The IOC say this is totally unacceptable. You cannot humiliate people. They are officials.
"He put himself in a difficult position, I can tell you. A lot of disciplinary action will follow. You should show proper behaviour. If you are not happy about the result, you cannot humiliate in public our referee-judges.
"That has already drawn a lot of people's attention who want to punish him, so we are going to have a disciplinary commission for that case."
Conlan is expected to make the move into the professional ranks after his disappointment in Rio de Janeiro.