Induction works with magnets. The electromagnets in the stove induct energy into the pan and that's what heats up.
The ring does three things (probably). Keeps the wok supported, transfers heat to the pan, and tricks the sensors in the stove into thinking there's a flat pan on it.
Alternatively maybe it’s just relying on inducting directly to the Wok bottom but the surface area touching the glass plate is very small so I can’t see it working well.