What does each Kaspi.kz (KSPI) American Depositary Share represent?

Each American Depositary Share represents one common share of Joint Stock Co Kaspi.kz. This 1:1 relationship is specified in the Form 4 footnotes, clarifying that the ADS sales correspond directly to the same number of underlying common shares of the issuer.

Kaspi.kz director sells 56,413 ADS in open market

Joint Stock Co Kaspi.kz director Vyacheslav Kim sold shares in the company.

Accepted by SEC EDGAR 06/08/2026 - 06:02 PM EDT

Filing Impact

(Neutral)

Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim sold shares in the company. He disposed of 56,413 American Depositary Shares (ADSs) of Kaspi.kz in open-market sales on June 4–5, 2026, at prices generally in the low-to-mid $80s per ADS. Each ADS represents one common share of the issuer, and the reported prices are weighted averages across multiple individual trades within disclosed price ranges.

Insider Trade Summary 10b5-1

Net Seller: 56,413 shares

Net Sell 7 txns

Insider Kim Vyacheslav

Role Director

Sold 56,413 shs ($4.68M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	16,869	$81.105	$1.37M
Sale	American Depositary Shares, no par value	10,514	$82.091	$863K
Sale	American Depositary Shares, no par value	2,175	$82.891	$180K
Sale	American Depositary Shares, no par value	12,266	$83.345	$1.02M
Sale	American Depositary Shares, no par value	7,434	$84.663	$629K
Sale	American Depositary Shares, no par value	6,936	$85.69	$594K
Sale	American Depositary Shares, no par value	219	$86.525	$19K

Holdings After Transaction: American Depositary Shares, no par value — 38,421,422 contracts (Direct)

Holdings Before and After: American Depositary Shares, no par value, 38,477,835 to 38,421,422 contracts (Direct)

Footnotes (8)

F1. Each American Depositary Share (ADS) represents one common share of the issuer.
F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.005 to $83.68, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $84.21 to $85.0675, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.30 to $86.07, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.39 to $86.82, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $80.605 to $81.605, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $81.61 to $82.44, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $82.63 to $83.465, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Key Figures

ADS sold: 56,413 ADS Lowest price range: $80.605–$81.605 Highest price range: $86.39–$86.82 +2 more

5 metrics

ADS sold 56,413 ADS Total open-market sales reported on June 4–5, 2026

Lowest price range $80.605–$81.605 One set of weighted-average trade ranges per footnotes

Highest price range $86.39–$86.82 Highest disclosed trade price range in footnotes

Representative sale price $82.891 per ADS Weighted average price for a 2,175-ADS sale on June 5, 2026

Largest single transaction size 16,869 ADS One open-market sale on June 5, 2026 at $81.105 per ADS

Key Terms

American Depositary Shares, weighted average price, open-market sale, SEC

4 terms

American Depositary Shares financial

"Each American Depositary Share (ADS) represents one common share of the issuer."

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

weighted average price financial

"The price reported in Column 8 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

SEC regulatory

"the staff of the U.S. Securities and Exchange Commission ("SEC")"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Vyacheslav Kim report in his Form 4 for Joint Stock Co Kaspi.kz (KSPI)?

He reported selling 56,413 American Depositary Shares of Joint Stock Co Kaspi.kz in open-market transactions. The trades occurred over two days, with weighted average sale prices in the low-to-mid $80s per ADS, as detailed in the Form 4 footnotes.

Over what dates did the KSPI director’s ADS sales take place?

The sales took place on June 4 and June 5, 2026. Multiple trades were executed on each day, and the Form 4 reports weighted average prices along with price ranges for the individual transactions completed during those two sessions.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell according to the filing?

He sold a total of 56,413 American Depositary Shares. These sales were broken into seven separate transactions, each reported with its own share count and weighted average price, all categorized as open-market sales of ADSs representing common shares.

What price ranges were reported for the KSPI ADS sales on the Form 4?

The filing’s footnotes state weighted average prices for trades executed within several ranges, from about $80.605 to $86.82 per ADS. Each range reflects multiple underlying transactions, with the reporting person offering to provide detailed trade breakdowns upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kim Vyacheslav

(Last)

(First)

(Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY

050013

(City)

(State)

(Zip)

KAZAKSTAN

(Country)

2. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares, no par value	⁽¹⁾	06/04/2026		S			12,266	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.345⁽²⁾	38,465,569	D
American Depositary Shares, no par value	⁽¹⁾	06/04/2026		S			7,434	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.663⁽³⁾	38,458,135	D
American Depositary Shares, no par value	⁽¹⁾	06/04/2026		S			6,936	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.69⁽⁴⁾	38,451,199	D
American Depositary Shares, no par value	⁽¹⁾	06/04/2026		S			219	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.525⁽⁵⁾	38,450,980	D
American Depositary Shares, no par value	⁽¹⁾	06/05/2026		S			16,869	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$81.105⁽⁶⁾	38,434,111	D
American Depositary Shares, no par value	⁽¹⁾	06/05/2026		S			10,514	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.091⁽⁷⁾	38,423,597	D
American Depositary Shares, no par value	⁽¹⁾	06/05/2026		S			2,175	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.891⁽⁸⁾	38,421,422	D

Explanation of Responses:

1. Each American Depositary Share (ADS) represents one common share of the issuer.

2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.005 to $83.68, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $84.21 to $85.0675, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.30 to $86.07, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.39 to $86.82, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $80.605 to $81.605, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $81.61 to $82.44, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $82.63 to $83.465, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act.

	/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim	06/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR