Well, I've already fixed the issue. I emailed Youxin Ye for advice, and I'll share his response here for anyone with similar issues:
"This is an easy fix.
You need unscrew the screw inside the bottom plate, above the holding disc. Then you can disassemble the assembly. Slowly put parts in order, you will have to refit in the exact same order.
Then you can remove the ring with disc on the bottom.
You see a metal pin in goes through the key lower side, you need take off the pin. Then squeeze the key half ring, refit the pin back into place.
Reassemble the entire assembly, bear in mind the locking plate inside has a slot, when the key is folding down, the locking plate has a cut off, the cut off has to face the outside the bottom plate.
You will need apply small amount grease to the parts, so that the key after reassembly will work smooth."