Two points.

Because the period to acquire up to 19.9% expires at the same time as the warrants Baosteel is limited to a maximum of 19.9% until May 2013. The impact of the warrants would be on NOTs treasury.

Its not clear who the standstill agreement is binding on. My grammatical read of the sentence is that they Baosteel has been granted a standstill agreement which would imply that it limits what NOT can do. That would make sense if Baosteel wanted to see its dollars put in the ground before they had to decide about a follow on investment. Not already ties up Baosteel to a maximum of 19.9% until May 2013.

Lots of guessing here.