The rule concerns a pronoun returning to a noun eligible to be the bearer of the ḥāl, not simply any antecedent anywhere in the sentence. If a main clause contains several participants, finding the right antecedent is essential to its interpretation.
For example, in رَأَيْتُ زَيْدًا وَهُوَ يَسْعَى, if huwa refers to Zayd, the second clause describes Zayd's condition when seen. A different referent would change the predication, so the rhetorical analysis must respect grammar and context.