A123 Systems fka AONEQ

[re-actor]

I think the answer is in your post

The SEC's beneficial ownership rules require a holder like Wanxiang to report both shares owned, and shares that can be acquired on the exercise of warrants and options.

On August 16, 2012 A123 and WX entered into several agreements.
Some of these were exercisable subject to the satisfaction of certain conditions and became obsolete after the ch11 filing.

However, the filing also states that as of August 23, 2012 the aggregate number of shares of Common Stock and the percentage of total outstanding Common Stock beneficially owned by the Reporting Persons are 111,971,790M and 49,95% respectively.

So while most warrants simply could not have been exercised, the 13D filing undeniably speaks of beneficial ownership.