My interpretation depends on whether warrants are equivalent to shares held.

If so then Baosteel needs only 19.9-14.15=5.75% more to qualify for that limit by exercising the warrants at C$1.16.
There is no price stipulated at which they aquire that 5.75% so they are free to do so at market prices (i.e. current).

If not then they are free to aquire a full 10% at same market prices.

As for aquiring at market they would not be doing it directly but engage a broker or two. I say likely two who would work tag team style to depress the sp and aquire at the same time.
This tag team tactic may not only be used for the benefit of out Chinese partners but also for a third still anonymous entity.

Did somebody mention collusion?
I may have implied that because have seen it reported on many occasions in the past with other stocks.