Dragon King had been returned to the ring by Han Sen. When Demon Emperor entered the Fourth God's Sanctuary, not a single sanctuary had been discovered by humans yet.
When he was about to enter the Fourth God's Sanctuary, his equipment became useless, so he gave all of it to his subordinates.
Dragon King received his armor, and when he tried to ascend to the Fourth God's Sanctuary, it saved him from certain death. His ascension failed, but he was not killed outright as was expected.
Therefore, Dragon King made preparations for a future sacrificial ritual that would allow him to one day be reborn in full.
The Dragon Ring was his last resort, but neither method had worked out well for him.
Furthermore, the armor was damaged. But regardless, Dragon King hid it someplace special, so he could recover it upon his return to the world.