There has been a fair bit of controversy surrounding the ranks of OnePlus and Realme over the last few months, and the latest report from China suggests the two brands have merged. Tipster Digital Chat Station revealed that after careful consideration, the two brands are set to become one single entity under the leadership of OnePlus China president Li Jie, who will report directly to Pete Lau (Liu Zuohu).
What this likely means is that both brands will share product development, strategy and resources. This should also extend to software development, product roadmaps, and device launch timing.

Wang Wei, who is Realme’s former VP, is reportedly set to be the deputy general manager. According to the new report, the two brands will merge their domestic and global operations while retaining their own brand identity. Marketing and services will also be shared under the new sub-business unit.

Neither OnePlus nor Realme has officially commented on the matter as of writing.
Source (in Chinese)