This paper presents a new type of trapped field magnet made of second generation high temperature superconducting (2G HTS) rings. This so-called ring-shape 2G HTS magnet has the potential to provide much stronger magnetic fields than existing permanent magnets. Compared to existing 2G HTS trapped field magnets, e.g. 2G HTS bulks and stacks, this new ring-shape 2G HTS magnet provides a promising technique to produce lager dimension magnets for industrial applications. This paper focuses on the working mechanism of this new structure magnet, both experimental and numerical study based on commercial magnetization techniques were carried out. Unique features have been identified and quantified for this new type of HTS magnet in field cooling and zero field cooling process. The magnetization mechanism is explained from the view of shielding and penetration of external magnetic field. An accumulation in the trapped field was observed by using multiple pulse field cooling. Besides, three types of demagnetization were also studies to ensure the practical properties of the ring-shape magnets. Conclusions obtained in this paper shows that this new ring-shape HTS magnet is very promising in trapping high magnetic field. As a super permanent magnet, it will have impacts in large-scale industrial applications, e.g. developing HTS machines with very high power density.