When the stock subscription warrant is exercised, the issuer (that is, the third party, the general listed company) issues new shares and sells them to the warrant holder, which is equivalent to issuing new shares and increasing the total share capital. The role is financing.
When an issuer (usually a securities company or other institution) prepares to exercise its rights, it will sell its shares to the warrant holders, which will not increase the total share capital, but will hedge the risks and benefits.