So the Mandarin's origins are a little bit out-there
[i]Hoping to find a means of revenging himself upon the civilization that had taxed him and rendered him homeless, the Mandarin explored the forbidden "Valley of Spirits," where no one had dared to set foot for centuries.[7] There he found the skeleton and starship of Axonn-Karr, an intelligent dragon-like alien from the planet Maklu-4, who had come to Earth centuries ago and died. Over the following years, the Mandarin studied Makluan science until he mastered it. He also learned how to use the ten rings he found within the starship which were apparently its propulsion source, among other things. The Mandarin then became a conqueror and subjugated the villages around the Valley, and, through his advanced science, rapidly became a power that not even the Chinese Army could successfully challenge. He then embarked on a long series of attempts to achieve world domination.[/i] - source Wikipedia
I think we can all safely say that this wont work on the big screen, so lets face it we are going to have to mix things up.
I think its fair to say the ring can not be typical technology but before the fanboys jump in and complain remember that "magic" in this Movie Universe (namely Asgard) is being referred to as another dimensional technology/science.. that just because we can comprehend it, we see it as supernatural.
Gene Khan / Zhang Tong / Tem Borjigin... or what ever Madarin's real name is
for arguments sake say Gene Khan. khan‘s character should be something similar to that of Stane’s in that he is a smart, and a ruthless businessman but like Stark has a big ego, always trying to be the best, and having the habit to want do things himself.
Origin
Khan climbs a mountain in China while taking a conference call where he is dealing in weapons with shady terrorist figures when an accident happens.
nearly dying, a dragon like creature tempts Khan to come inside his cave lair (which happens to be a gateway to an unearthly dimension) and take ten gem/rings.. Treating it much like the serpent and the apple (Forbidden Fruit) myth .. these rings give him great power but it turn him more and more evil as the films goes on… even his face changes slightly and his skin gets more green…
Final battle
In the final battle where The Mandarin has pretty much lost all sanity and is basically just evil, its revealed that the rings are just a trick and the dragon was using the Mandarin as a way to exist in the real world.
Iron Man could battle the dragon at the end. Which you could say is Fing Fang Foom.
Post credits scene
Though what would be good is at the end the camera shows the dragons lair and a little away from it out in the middle of nowhere a village seemingly dedicated to martial arts training called K'un-L'un... so this dragon's other dimensional lair could also contain the Iron Fist dragon too.
Remember K'un-L'un and there dragon is, if you remember rightly, an alien colony that links/merges to Earth though other dimensional portals much like Asgard.
Anyway thats my idea.. what can you guys come up with