Thanks for the chapter!
Maybe it's just me but something seems off about Ray being the reincarnation of Shin. Granted having lost his memories there would be some differences in personality and looks but should still have the same core. Ray's hairstyle resembles picture of hero's hairstyle more than Shin's. Also, in previous chapters Shin seemed to be the solitary, coldly professional, unsmiling, blindly loyal, willing to do anything for the Demon Lord right or wrong just because is his lord who gave the order. Yet Ray smiles a lot, questions whether words were really from the Demon Lord or not, and socializes. Seems more like a reincarnation of the hero as the hero wanted to be friends with Anoth even at the final showdown, seemed more interested in equality rather than following prejudices, and seems to enjoy a challenge even when life on the line.
Then again could be wrong. After all Anoth hasn't commented that he has or hasn't recognized Ray's core as either Shin's or the Hero's. Been couple hundred years with intermixing of ideas and culture so maybe hero's hairstyle got into fashion as that of a strong individual sometime after wall went up and anger cooled down. Personality could be attributed to Ray having a happier, more social, and less battle oriented upbringing while Shin had decades of battles, near death experiences, and lost many friends and allies. Guess will just have to see how things play out to see whether there is foreshadowing, false hints, or lots of coincidence in play.