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In this case there was probably some type of problem with the contracts that we will never really find out about.
It's not like "take the series and do whatever you want with it", unless there is a huge amount of money involved, which again makes no sense. Who would pay so much and not make it available? There are money involved and the more people the more money. Besides WeTv knows very well that bl series have a huge audience, so if they really said that, then that's just the most idiotic excuse I have ever heard. After all they are the ones that made We Best Love.
So probably there was another issue that we will never find out or they have some other plans for it.
Or the problem is financial. According to a YouTuber there are financial problems in both iqiyi and tencent and they will reduce their productions by a lot. So maybe they had no agreement in that department.
Who knows? It is a pity though, because it was highly anticipated. About this one, it's on the coming soon section for ages now, so I am hoping it will actually come out soon.
I don't think this one will have any problems, especially since another Yang Mi drama got released without any problems a couple of months ago. I am pretty sure there will be subs for this one, but I understand that you don't want to have high expectations. I am anticipating it too. I hope we will find out about the release date soon!
Anyhow, this is very highly anticipated series with a star studded cast, so there is no possibility of it having no subs. That would be a huge loss of money for them and they wouldn't do that.