KGS just to be clear, since the question is about the speed limiter relay:
The max speed is controlled by the gear ratio of the belt on the primary/secondary clutches.
The max engine rpm is controlled by the Delphi MT05 ECU. It is technically adjustable, but it is set to be a safe limit to prevent blowing up the motor.
The speed limiter relay kicks on when the shifter is in reverse to limit the max speed. This is an add on by Hisun because there is no gear input for the Delphi ECU, which is designed to be a flexible, cheap fuel injection solution for a variety of small engines.