Kaspi.kz director sells 14,789 ADSs in open-market trades

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open‑market sales of American Depositary Shares (ADSs).

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open‑market sales of American Depositary Shares (ADSs). Across 4 transactions on July 8–9, 2026, he sold a total of 14,789 ADSs at weighted average prices around $87–$89 per ADS. Following the latest transaction, he held 38,029,198 ADSs directly.

Insights

Equity ownership analyst

Director Vyacheslav Kim sold 14,789 ADSs, a small trade versus his 38 million-share stake.

Director Vyacheslav Kim executed open-market sales of 14,789 American Depositary Shares of Joint Stock Co Kaspi.kz over July 8–9, 2026. Reported weighted average prices ranged from about $86.76 to $89.03 per ADS based on footnote price ranges.

After the latest sale, Kim directly held 38,029,198 ADSs, indicating these trades affect only a small portion of his position. The Form 4 notes that each price in Column 8 is a weighted average and that the ADSs were sold in multiple transactions within the disclosed price ranges, with detailed breakdowns available on request.

Insider Trade Summary 10b5-1

Net Seller: 14,789 shares

Net Sell 4 txns

Insider Kim Vyacheslav

Role Director

Sold 14,789 shs ($1.30M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F4	2,934	$87.502	$257K
Sale	American Depositary Shares, no par value F1, F5	4,149	$88.61	$368K
Sale	American Depositary Shares, no par value F1, F2	6,491	$87.354	$567K
Sale	American Depositary Shares, no par value F1, F3	1,215	$87.82	$107K

Holdings After Transaction: American Depositary Shares, no par value — 38,029,198 contracts (Direct)

Footnotes (5)

1. F1. Each American Depositary Share (ADS) represents one common share of the issuer.
2. F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.76 to $87.76, 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. F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.77 to $87.98, 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. F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.00 to $87.795, 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. F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.17 to $89.03, 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

Total ADSs sold: 14,789 ADSs Price per share (example transaction): $88.6100 Price per share (example transaction): $87.3540 +3 more

6 metrics

Total ADSs sold 14,789 ADSs Aggregate shares sold across four transactions reported for July 8–9, 2026

Price per share (example transaction) $88.6100 Weighted average sale price for one of the July 9, 2026 ADS sales

Price per share (example transaction) $87.3540 Weighted average sale price for one of the July 8, 2026 ADS sales

Post-transaction holdings 38,029,198 ADSs Direct ADS holdings reported following the latest sale in the Form 4

Price range footnote (low) $86.76 Lower bound of one weighted-average price range for grouped ADS sales

Price range footnote (high) $89.03 Upper bound of one weighted-average price range for grouped ADS sales

Key Terms

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

4 terms

American Depositary Shares financial

"security title is listed as "American Depositary Shares, no par value""

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 is described as "open-market sale" for each entry"

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) summarizes the reported transactions"

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.

FAQ

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

What insider transaction did Vyacheslav Kim report for KSPI?

Vyacheslav Kim reported open-market sales of Kaspi.kz American Depositary Shares (ADSs). Over four transactions on July 8–9, 2026, he sold ADSs at weighted average prices in the high-$80 range per share.

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

He sold a total of 14,789 ADSs of Kaspi.kz. Reported weighted average prices were about $87–$89 per ADS, with individual trades occurring within specified ranges from $86.76 to $89.03.

What is Vyacheslav Kim’s remaining Kaspi.kz (KSPI) ownership after these sales?

Following the latest reported sale, Vyacheslav Kim directly held 38,029,198 ADSs of Kaspi.kz. This figure comes from the post-transaction holding column associated with the most recent Form 4 transaction.

On what dates did the Kaspi.kz (KSPI) insider sales by Vyacheslav Kim occur?

The reported sales occurred on July 8, 2026 and July 9, 2026. On each date, multiple transactions were executed, and the Form 4 reports weighted average sale prices for the grouped trades.

What type of security did Vyacheslav Kim sell in the KSPI Form 4 filing?

He sold American Depositary Shares (ADSs), no par value, each representing one common share of Joint Stock Co Kaspi.kz, as specified in the Form 4 footnotes.

How does the KSPI Form 4 describe the pricing of Vyacheslav Kim’s ADS sales?

The Form 4 states that the reported prices are weighted average prices. The ADSs were sold in multiple transactions within specified price ranges, and detailed per-trade pricing is available upon request.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/10/2026 - 04:08 PM Learn about SEC filing dates

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).

X

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)
07/08/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	07/08/2026		S			6,491	(1)	(1)	Common Shares, no par value	(1)	$87.354(2)	38,037,496	D
American Depositary Shares, no par value	(1)	07/08/2026		S			1,215	(1)	(1)	Common Shares, no par value	(1)	$87.82(3)	38,036,281	D
American Depositary Shares, no par value	(1)	07/09/2026		S			2,934	(1)	(1)	Common Shares, no par value	(1)	$87.502(4)	38,033,347	D
American Depositary Shares, no par value	(1)	07/09/2026		S			4,149	(1)	(1)	Common Shares, no par value	(1)	$88.61(5)	38,029,198	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 $86.76 to $87.76, 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 $87.77 to $87.98, 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 $87.00 to $87.795, 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 $88.17 to $89.03, 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	07/10/2026
	** 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)