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

Each Kaspi.kz American Depositary Share (ADS) represents one common share of the issuer, according to the disclosure accompanying the insider transactions.

Kaspi.kz director sells 59.6K ADS at ~$95–98

Q: What insider transaction did Kaspi.kz (KSPI) report for director Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim sold a total of 59,587 ADS representing common shares in a series of open-market or private transactions between September 18 and 22, 2026.

Q: Over what dates did the KSPI insider sales by Vyacheslav Kim occur?

The reported sales by Vyacheslav Kim occurred on September 18, 2026, September 21, 2026, and September 22, 2026, across multiple individual transactions in Kaspi.kz American Depositary Shares.

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

Vyacheslav Kim sold 59,587 ADS of Kaspi.kz in total. The reported weighted-average prices for the trades ranged from about $94.825 to $98.05 per ADS, based on SEC-disclosed price ranges for each transaction group.

Q: How are Kaspi.kz (KSPI) insider prices reported in this Form 4?

For each transaction group, the Form 4 reports a weighted-average price, with footnotes stating that the ADSs were sold in multiple transactions within specified price ranges, and that full per-trade price details are available upon request.

Q: How does Kaspi.kz’s foreign private issuer status affect these KSPI insider trades?

Kaspi.kz states that, as a foreign private issuer under Rule 3a12‑3(b), the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported selling a total of 59,587 American Depositary Shares (ADS), each representing one common share, in open-market or private transactions from September 18 to September 22, 2026, at weighted-average prices around the mid‑$90s per ADS pursuant to a Rule 10b5‑1 trading plan.

Individual trade prices, reported as weighted averages, fell within SEC-disclosed ranges from about $94.825 to $98.05 per ADS, and the issuer notes that as a foreign private issuer its equity securities are exempt from Sections 16(b) and 16(c) of the Exchange Act.

Insights

Analyzing...

Insider Trade Summary 10b5-1

Net Seller: 59,587 shares

Net Sell 7 txns

Insider Kim Vyacheslav

Role Director

Sold 59,587 shs ($5.75M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F7}	16,808	$96.25	$1.62M
Sale	American Depositary Shares, no par value ^{F1, F8}	4,371	$96.94	$424K
Sale	American Depositary Shares, no par value ^{F1, F4}	5,789	$95.39	$552K
Sale	American Depositary Shares, no par value ^{F1, F5}	12,964	$96.33	$1.25M
Sale	American Depositary Shares, no par value ^{F1, F6}	1,350	$97.12	$131K
Sale	American Depositary Shares, no par value ^{F1, F2}	14,017	$96.97	$1.36M
Sale	American Depositary Shares, no par value ^{F1, F3}	4,288	$97.49	$418K

Holdings After Transaction: American Depositary Shares, no par value — 36,697,788 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 $96.30 to $97.30, 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 $97.305 to $98.05, 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 $94.825 to $95.82, 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.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.845 to $96.81, 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 $96.965 to $97.72, 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 $95.59 to $96.58, 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 $96.60 to $97.29, 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 ADS sold: 59,587 ADS Shares sold on September 18, 2026: 18,305 ADS Shares sold on September 21, 2026: 20,103 ADS +4 more

7 metrics

Total ADS sold 59,587 ADS Aggregate insider sales by Vyacheslav Kim from September 18–22, 2026

Shares sold on September 18, 2026 18,305 ADS Two sale transactions: 14,017 ADS at $96.97 and 4,288 ADS at $97.49

Shares sold on September 21, 2026 20,103 ADS Three sale transactions: 5,789 ADS at $95.39; 12,964 ADS at $96.33; 1,350 ADS at $97.12

Shares sold on September 22, 2026 21,179 ADS Two sale transactions: 16,808 ADS at $96.25 and 4,371 ADS at $96.94

Lowest weighted-average price range $94.825–$95.82 per ADS Price range for one September 21, 2026 sale group (footnote F4)

Highest weighted-average price range $97.305–$98.05 per ADS Price range for one September 18, 2026 sale group (footnote F3)

ADS-to-share ratio 1 ADS : 1 common share Each American Depositary Share represents one common share of Kaspi.kz

Key Terms

American Depositary Shares, foreign private issuer, Rule 10b5-1, weighted average price, +1 more

5 terms

American Depositary Shares financial

"Each American Depositary Share (ADS) represents one common share"

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.

foreign private issuer regulatory

"Due to the issuer's status as a foreign private issuer"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

Rule 10b5-1 regulatory

"transactions were made pursuant to a Rule 10b5-1 trading plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

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.

Sections 16(b) and 16(c) regulatory

"equity securities are exempt from Sections 16(b) and 16(c)"

FAQ

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

What insider transaction did Kaspi.kz (KSPI) report for director Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim sold a total of 59,587 ADS representing common shares in a series of open-market or private transactions between September 18 and 22, 2026.

Over what dates did the KSPI insider sales by Vyacheslav Kim occur?

The reported sales by Vyacheslav Kim occurred on September 18, 2026, September 21, 2026, and September 22, 2026, across multiple individual transactions in Kaspi.kz American Depositary Shares.

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

Vyacheslav Kim sold 59,587 ADS of Kaspi.kz in total. The reported weighted-average prices for the trades ranged from about $94.825 to $98.05 per ADS, based on SEC-disclosed price ranges for each transaction group.

Were the KSPI insider sales by Vyacheslav Kim made under a Rule 10b5-1 trading plan?

Yes. The filing affirms that the transactions were made pursuant to a Rule 10b5‑1 trading plan, indicating they were pre-arranged under a written trading instruction plan.

How are Kaspi.kz (KSPI) insider prices reported in this Form 4?

For each transaction group, the Form 4 reports a weighted-average price, with footnotes stating that the ADSs were sold in multiple transactions within specified price ranges, and that full per-trade price details are available upon request.

How does Kaspi.kz’s foreign private issuer status affect these KSPI insider trades?

Kaspi.kz states that, as a foreign private issuer under Rule 3a12‑3(b), the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/22/2026 - 08:35 PM Accepted by SEC EDGAR 09/22/2026 - 08:34 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)
09/18/2026

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⁾	09/18/2026		S			14,017	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.97⁽²⁾	36,743,358	D
American Depositary Shares, no par value	⁽¹⁾	09/18/2026		S			4,288	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.49⁽³⁾	36,739,070	D
American Depositary Shares, no par value	⁽¹⁾	09/21/2026		S			5,789	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.39⁽⁴⁾	36,733,281	D
American Depositary Shares, no par value	⁽¹⁾	09/21/2026		S			12,964	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.33⁽⁵⁾	36,720,317	D
American Depositary Shares, no par value	⁽¹⁾	09/21/2026		S			1,350	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.12⁽⁶⁾	36,718,967	D
American Depositary Shares, no par value	⁽¹⁾	09/22/2026		S			16,808	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.25⁽⁷⁾	36,702,159	D
American Depositary Shares, no par value	⁽¹⁾	09/22/2026		S			4,371	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.94⁽⁸⁾	36,697,788	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 $96.30 to $97.30, 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 $97.305 to $98.05, 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 $94.825 to $95.82, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.845 to $96.81, 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 $96.965 to $97.72, 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 $95.59 to $96.58, 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 $96.60 to $97.29, 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	09/22/2026
	** 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