Its either the warrants expires in the money or out of the money based on the movement of the mother share, Wei Jie. However, I believed your question is related to the assumption of "Mr. Market" selling down the mother share to keep it below strike value. If that's your question, I have to say its just a perception. The reason is that warrant is issued by certain issuer and the same issuer would have hedged their position by buying/selling the mother share at the same time - a win-win outcome for traders and issuer. As for mother shares, it is traded by many different parties - funds, institutions, retailers. There is also RSS / IDSS for the mother share and there could be many reasons for it - the perception mentioned earlier, hedging against their long position in anticipation of negative events - budget/crisis and etc. Just my personal opinions, could be wrong. Hope it helps.