Kaspi.kz director sells 20,942 ADSs in market

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 20,942 American Depositary Shares (ADSs) in open-market transactions.

Accepted by SEC EDGAR 07/02/2026 - 07:09 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 20,942 American Depositary Shares (ADSs) in open-market transactions. The trades occurred on June 30 and July 1, 2026, at weighted average prices between $85.885 and $88.62 per ADS. Each ADS represents one common share of the issuer, and all transactions are reported as direct ownership sales.

Insider Trade Summary 10b5-1

Net Seller: 20,942 shares

Net Sell 5 txns

Insider Kim Vyacheslav

Role Director

Sold 20,942 shs ($1.82M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	2,352	$86.606	$204K
Sale	American Depositary Shares, no par value	3,612	$87.984	$318K
Sale	American Depositary Shares, no par value	1,173	$88.403	$104K
Sale	American Depositary Shares, no par value	13,625	$86.427	$1.18M
Sale	American Depositary Shares, no par value	180	$87.126	$16K

Holdings After Transaction: American Depositary Shares, no par value — 38,087,980 contracts (Direct)

Holdings Before and After: American Depositary Shares, no par value, 38,108,922 to 38,087,980 contracts (Direct)

Footnotes (6)

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 $85.885 to $86.85, 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 $87.05 to $87.20, 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 $86.125 to $86.98, 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.
5. F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.30 to $88.30, 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. F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.305 to $88.62, 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: 20,942 ADSs Largest single block: 13,625 ADSs Second-largest block: 3,612 ADSs +5 more

8 metrics

Total ADSs sold 20,942 ADSs Net shares sold across all reported transactions

Largest single block 13,625 ADSs Open-market sale on June 30, 2026

Second-largest block 3,612 ADSs Open-market sale on July 1, 2026

Smallest block 180 ADSs Open-market sale on June 30, 2026

Highest weighted average price $88.4030 per ADS One of the reported sale transactions

Lowest weighted average price range $85.885–$86.85 per ADS Price range for one sale group per footnote

Highest price range $88.305–$88.62 per ADS Price range for one sale group per footnote

ADS-to-share ratio 1 ADS = 1 common share Each ADS represents one common share of the issuer

Key Terms

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

5 terms

American Depositary Shares financial

"security_title: "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.

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.

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.

derivative financial

"transaction_type: "derivative" for each reported sale"

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

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.

FAQ

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

What did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

Director Vyacheslav Kim reported selling 20,942 American Depositary Shares of Joint Stock Co Kaspi.kz in open-market transactions. The trades took place across five separate transactions on June 30 and July 1, 2026, at various weighted average prices.

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

Vyacheslav Kim sold a total of 20,942 ADSs in this filing. The weighted average sale prices ranged from $85.885 to $88.62 per ADS, according to footnotes describing the multiple transaction price ranges.

On which dates were the Kaspi.kz (KSPI) ADS sales by Vyacheslav Kim executed?

The reported sales of Kaspi.kz ADSs were executed on June 30, 2026, and July 1, 2026. Multiple open-market transactions occurred on each date, with different blocks of ADSs sold at various weighted average prices within specified ranges.

What type of security did Kaspi.kz (KSPI) director Vyacheslav Kim sell?

The Form 4 shows sales of American Depositary Shares (ADSs), each representing one common share of Joint Stock Co Kaspi.kz. The security is described as “American Depositary Shares, no par value,” with each ADS linked one-for-one to an underlying common share.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) ADS sales open-market transactions?

Yes, the transactions are coded as “S” with the description “Sale in open market or private transaction.” The normalized fields classify them as open-market sales, indicating routine market trades rather than option exercises, gifts, or tax-withholding events.

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

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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)
06/30/2026

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)	06/30/2026		S			13,625	(1)	(1)	Common Shares, no par value	(1)	$86.427(2)	38,095,297	D
American Depositary Shares, no par value	(1)	06/30/2026		S			180	(1)	(1)	Common Shares, no par value	(1)	$87.126(3)	38,095,117	D
American Depositary Shares, no par value	(1)	07/01/2026		S			2,352	(1)	(1)	Common Shares, no par value	(1)	$86.606(4)	38,092,765	D
American Depositary Shares, no par value	(1)	07/01/2026		S			3,612	(1)	(1)	Common Shares, no par value	(1)	$87.984(5)	38,089,153	D
American Depositary Shares, no par value	(1)	07/01/2026		S			1,173	(1)	(1)	Common Shares, no par value	(1)	$88.403(6)	38,087,980	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 $85.885 to $86.85, 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 $87.05 to $87.20, 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 $86.125 to $86.98, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.30 to $88.30, 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 $88.305 to $88.62, 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	07/02/2026
	** 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)