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Mine has the bakelite stock but folds. Like mentioned above the hinge is very stiff on them. I shoot mine at the range and never had an issue. The little Velcro tab is to protect the receiver from marks when you fold the stock up. Some one added it I think. Not sure what you paid but I paid like $400 for mine like 20 years ago. I see them going for up to $1200 to $1400 lately
 

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Great rifles, I remember getting mine for 300 10 years ago and selling it because it didn't take standard AK mags 😅

On the folders, if you ever need to take off the back screw, some are on stupid tight and some hardly at all. If you ever wanted to convert to a fixed stock version. If not, wrap some 550 cord around the wire stock to enjoy shooting it more.
I prefer the bakelite fake wood stock. Mine still folds and I bought three 30 round mags with the leather carry pouch to hold them. Bayonets were less than $20 back then for them.
 
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