Kaspi.kz (KSPI) director sells 53,352 ADS at mid-$80s prices

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 53,352 American Depositary Shares (ADS). The ADSs were sold on April 30 and May 1, 2026 at weighted average prices ranging from about $85.71 to $88.11 per ADS. Following these transactions, Kim directly holds 38,932,223 ADS, with each ADS representing one common share of the issuer.

Insider Trade Summary 10b5-1

Net Seller: 53,352 shares ($4,648,353)

Net Sell 5 txns

Insider Kim Vyacheslav

Role null

Sold 53,352 shs ($4.65M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	2,762	$85.712	$237K
Sale	American Depositary Shares, no par value	15,141	$86.642	$1.31M
Sale	American Depositary Shares, no par value	9,622	$86.258	$830K
Sale	American Depositary Shares, no par value	7,514	$87.345	$656K
Sale	American Depositary Shares, no par value	18,313	$88.106	$1.61M

Holdings After Transaction: American Depositary Shares, no par value — 38,947,364 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 $85.815 to $86.8, 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 $86.845 to $87.845, 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 $87.55 to $88.55, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.12 to $86.08, 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 $86.13 to $87.095, 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: 53,352 ADS Price example: $86.642 per ADS Price example: $88.106 per ADS +2 more

5 metrics

ADS sold 53,352 ADS Total net shares sold across five open-market transactions

Price example $86.642 per ADS Weighted average sale price for 15,141 ADS on May 1, 2026

Price example $88.106 per ADS Weighted average sale price for 18,313 ADS on April 30, 2026

Holdings after sales 38,932,223 ADS Directly owned by Vyacheslav Kim following the latest transaction

Smallest trade block 2,762 ADS Open-market sale at a weighted average price of $85.712 per ADS

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"

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.

ADS financial

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

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 06:14 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)
04/30/2026

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)
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⁾	04/30/2026		S			9,622	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.258⁽²⁾	38,975,953	D
American Depositary Shares, no par value	⁽¹⁾	04/30/2026		S			7,514	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.345⁽³⁾	38,968,439	D
American Depositary Shares, no par value	⁽¹⁾	04/30/2026		S			18,313	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.106⁽⁴⁾	38,950,126	D
American Depositary Shares, no par value	⁽¹⁾	05/01/2026		S			2,762	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.712⁽⁵⁾	38,947,364	D
American Depositary Shares, no par value	⁽¹⁾	05/01/2026		S			15,141	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.642⁽⁶⁾	38,932,223	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 $85.815 to $86.8, 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 $86.845 to $87.845, 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 $87.55 to $88.55, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.12 to $86.08, 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 $86.13 to $87.095, 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	05/04/2026
	** 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 did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

Vyacheslav Kim reported selling 53,352 American Depositary Shares (ADS) of Kaspi.kz in open-market transactions. The sales occurred over two days, with weighted average prices in the mid-to-high $80s per ADS, and he retains a large remaining direct holding.

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

Kim sold a total of 53,352 ADS across five open-market sale transactions. Reported weighted average prices ranged roughly from $85.71 to $88.11 per ADS, with more detailed per-trade pricing available from the reporting person upon request.

What are Vyacheslav Kim’s Kaspi.kz (KSPI) holdings after these insider sales?

After the reported transactions, Kim directly holds 38,932,223 Kaspi.kz ADS. Each ADS represents one common share of the issuer, so this figure indicates a substantial remaining ownership position despite the recent open-market sales.

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

The reported insider sales took place on April 30, 2026 and May 1, 2026. Multiple transactions were executed on those two days, each at slightly different prices, and reported as weighted average prices for disclosure purposes.

What does it mean that Kaspi.kz (KSPI) ADS prices are reported as weighted averages?

Weighted average prices mean each reported price blends multiple trades at different prices into one figure. The filing notes ADSs were sold in numerous transactions within a price range, and the reporting person can provide trade-level details upon request.