A warrant is a type of security issued by the issuer company -- 股份. It is a right, a choice, but not an obligation. You can exercise it, but you don't have to -- 可认购. When you exercise it, you are said to accept that you want to buy -- 认购. It is different from an option, which is called a 股权,期权 or 认股权. For a more detailed description of the definition, please see the Wikipedia reference below.

There is no need to translation the "exercisable" portion of the warrant, as a warrant gives you the right, but not the obligation, to exercise it, or to convert it into a specified number of ordinary shares anyway.

Hope this helps.

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Note added at 1 day3 hrs (2007-04-12 16:47:34 GMT)
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Unlike options, you don't need to go to the futures exchange to buy warrants, although some warrants can be detached and sold separately from the original shares they come with. You get them from the issuing companies, but most of the time from the stock markets.