'It seems the least painful way to get money. Am I wrong? Feel free to shoot holes through this theory.'

If it looks like a pelican, and smells like a pelican......?

Actually, if Baosteel or agent had the ability to keep a lid on the SP, with intentions of somehow using it to acquire more shares, why would they then let it rise to enable them to exercise 4.95% worth of warrants at $1.16? They have the right to acquire up to 9.99% at market prices, or below $.60. They can do one or the other, not both, so why voluntarily select the most expensive one?

best regards

K