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https://www.avirtualvoyage.net/2022/03/cdrama-the-blue-whisper-avv-community-eng-subs.html
Everyone is cutting cost and trying to raise prices (not easy), not just iQiyi and Tencent - all three platforms combined lose RMB15-18bn ($2.4-2.9bn) a year vs Netflix makes $5-6bn a year. They will all survive bc their parent companies still have loads of money but they have asked their digital entertainment arms to try to break even. That is probably why none of them bought the overseas rights from Huace/Croton. Besides the weak economy, the initial feedback to the early cuts of this drama wasn't great - many criticised the CGI (which I personally also find excessive) so I am not surprised there weren't many buyers.
I am sure Huace/Croton showed it to Tencent but Tencent only has ~ 1mm overseas subscribers. They were probably not interested at Huace/Croton's asking price.