I saw a trailer for just that on Twitter this morning, with the exact same airship as the Alliance uses (Basically a wooden boat with rotors attached to the sides giving it lift), a dragon that looks conspicuously like Deathwing doing the "Landing on a city wall, crushing two towers"-thing, the works...
The Chinese don't need the source-code to rip off a game, most of their gaming industry is ripoff-work...
If i was a conspiracy kind of guy, i'd think China blew up the deal with Blizzard on purpose to pave the way for their own knock-offs of Blizzard games.