Yeah it at least looks like it should collapse. Not just the shape, the knurling too. If it's just decorative then the knurling at the front of the lens would serve no purpose. And the other version does not have it.
The Japanese talks about a different focusing (extension) structure, I assume that this means they probably have different focus travel/helical gearing. And if you look closely at the images then the "collapsible" lenses have no distance markings on the other end of the scale whereas on the "rigid" version you can see what I assume is 0.45m - aka a much finer focus gearing.
Edit: Not sure on the exact end distance, but either way one probably has short focus travel and the other has almost 340 degrees of turn or so.
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