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

Each Kaspi.kz American Depositary Share (ADS) represents one common share of the issuer. This means the 56,434 ADSs sold correspond economically to the same number of underlying common shares in Joint Stock Co Kaspi.kz.

Vyacheslav Kim trims Kaspi.kz (KSPI) stake with 56K ADS sale

Q: What insider transaction did Kaspi.kz (KSPI) disclose in this Form 4?

Kaspi.kz disclosed that director Vyacheslav Kim made open-market sales totaling 56,434 American Depositary Shares (ADSs) . The sales occurred over two days and were reported as routine dispositions of directly owned ADSs representing common shares of the company.

Q: Over what dates did Vyacheslav Kim sell Kaspi.kz (KSPI) ADSs and at what prices?

The sales took place on April 24 and April 27, 2026 . Weighted average prices for the ADS transactions ranged from about $83.425 to $89.55 per ADS , based on multiple trades executed within narrower price ranges on each reporting day.

Q: How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell in total?

According to the Form 4 summary, director Vyacheslav Kim sold a total of 56,434 ADSs . These were reported as open-market sales across seven separate transaction lines, all classified as sales under transaction code “S.”

Q: Were Kaspi.kz (KSPI) insider sales executed as a single trade or multiple trades?

The filing notes that reported prices are weighted averages for ADSs sold in multiple transactions within specified price ranges. The insider undertakes to provide exact trade-by-trade details to the issuer, security holders, or SEC staff upon request.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 56,434 American Depositary Shares (ADSs). The transactions occurred on April 24 and April 27, 2026, with reported weighted average prices ranging from $83.425 to $89.55 per ADS.

Each ADS represents one common share of Kaspi.kz. All sales were reported as direct ownership transactions, and the filing shows a continuing direct ADS position after these dispositions.

Insider Trade Summary 10b5-1

Net Seller: 56,434 shares ($4,909,380)

Net Sell 7 txns

Insider Kim Vyacheslav

Role null

Sold 56,434 shs ($4.91M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	3,547	$86.417	$307K
Sale	American Depositary Shares, no par value	5,426	$87.407	$474K
Sale	American Depositary Shares, no par value	14,319	$88.548	$1.27M
Sale	American Depositary Shares, no par value	10,511	$89.29	$939K
Sale	American Depositary Shares, no par value	5,249	$83.926	$441K
Sale	American Depositary Shares, no par value	10,229	$84.908	$869K
Sale	American Depositary Shares, no par value	7,153	$85.711	$613K

Holdings After Transaction: American Depositary Shares, no par value — 39,078,416 shares (Direct, null)

Footnotes (1)

Each American Depositary Share (ADS) represents one common share of the issuer. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.425 to $84.395, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $84.465 to $85.39, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.5 to $85.92, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.93 to $86.875, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.96 to $87.935, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.97 to $88.94, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.98 to $89.55, 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

ADSs sold: 56,434 ADSs Lowest weighted average sale price: $83.425 per ADS Highest weighted average sale price: $89.55 per ADS +1 more

4 metrics

ADSs sold 56,434 ADSs Total net shares sold per Form 4 transaction summary

Lowest weighted average sale price $83.425 per ADS Lower end of disclosed multi-trade price ranges

Highest weighted average sale price $89.55 per ADS Upper end of disclosed multi-trade price ranges

Number of sale transactions 7 transactions Derivative-type entries classified as open-market sales

Key Terms

American Depositary Shares, weighted average price, open-market sale, Form 4, +1 more

5 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.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

derivativeTransactionCount financial

"derivativeTransactionCount": 7"

Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 08:41 PM

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)
04/24/2026

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⁾	04/24/2026		S			5,249	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.926⁽²⁾	39,099,345	D
American Depositary Shares, no par value	⁽¹⁾	04/24/2026		S			10,229	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.908⁽³⁾	39,089,116	D
American Depositary Shares, no par value	⁽¹⁾	04/24/2026		S			7,153	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.711⁽⁴⁾	39,081,963	D
American Depositary Shares, no par value	⁽¹⁾	04/27/2026		S			3,547	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.417⁽⁵⁾	39,078,416	D
American Depositary Shares, no par value	⁽¹⁾	04/27/2026		S			5,426	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.407⁽⁶⁾	39,072,990	D
American Depositary Shares, no par value	⁽¹⁾	04/27/2026		S			14,319	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.548⁽⁷⁾	39,058,671	D
American Depositary Shares, no par value	⁽¹⁾	04/27/2026		S			10,511	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.29⁽⁸⁾	39,048,160	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 $83.425 to $84.395, 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 $84.465 to $85.39, 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 $85.5 to $85.92, 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 $85.93 to $86.875, 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 $86.96 to $87.935, 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 $87.97 to $88.94, 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 $88.98 to $89.55, 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	04/28/2026
	** 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

FAQ

What insider transaction did Kaspi.kz (KSPI) disclose in this Form 4?

Kaspi.kz disclosed that director Vyacheslav Kim made open-market sales totaling 56,434 American Depositary Shares (ADSs). The sales occurred over two days and were reported as routine dispositions of directly owned ADSs representing common shares of the company.

Over what dates did Vyacheslav Kim sell Kaspi.kz (KSPI) ADSs and at what prices?

The sales took place on April 24 and April 27, 2026. Weighted average prices for the ADS transactions ranged from about $83.425 to $89.55 per ADS, based on multiple trades executed within narrower price ranges on each reporting day.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell in total?

According to the Form 4 summary, director Vyacheslav Kim sold a total of 56,434 ADSs. These were reported as open-market sales across seven separate transaction lines, all classified as sales under transaction code “S.”

Were Kaspi.kz (KSPI) insider sales executed as a single trade or multiple trades?

The filing notes that reported prices are weighted averages for ADSs sold in multiple transactions within specified price ranges. The insider undertakes to provide exact trade-by-trade details to the issuer, security holders, or SEC staff upon request.