What does it mean that each Kaspi.kz (KSPI) ADS represents one common share?

The filing states that each American Depositary Share represents one common share of Kaspi.kz. This means the ADS count and the underlying common share count are the same, simplifying the translation between U.S.-traded ADS holdings and the company’s ordinary shares listed in its home market.

Kaspi.kz (KSPI) director trims holdings, still owns about 38M ADS

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 43,993 American Depositary Shares (ADS) in early July. The transactions occurred on July 2, 6, and 7, with individual sale prices generally around the high-$80s to low-$90s per ADS based on weighted-average prices.

Each ADS represents one common share of the issuer. After these sales, Kim directly holds about 38,043,987 ADS, indicating he retains a very large position in Kaspi.kz while modestly reducing his holdings.

Insider Trade Summary 10b5-1

Net Seller: 43,993 shares ($3,936,570)

Net Sell 10 txns

Insider Kim Vyacheslav

Role null

Sold 43,993 shs ($3.94M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	8,470	$88.32	$748K
Sale	American Depositary Shares, no par value	5,087	$89.764	$457K
Sale	American Depositary Shares, no par value	1,754	$90.279	$158K
Sale	American Depositary Shares, no par value	4,403	$88.429	$389K
Sale	American Depositary Shares, no par value	6,808	$89.494	$609K
Sale	American Depositary Shares, no par value	3,018	$89.902	$271K
Sale	American Depositary Shares, no par value	2,635	$88.944	$234K
Sale	American Depositary Shares, no par value	5,354	$89.848	$481K
Sale	American Depositary Shares, no par value	5,694	$90.923	$518K
Sale	American Depositary Shares, no par value	770	$91.479	$70K

Holdings After Transaction: American Depositary Shares, no par value — 38,050,828 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 $88.36 to $89.335, 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 $89.38 to $90.38, 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 $90.41 to $91.405, 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 $91.42 to $91.55, 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 $87.78 to $88.75, 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 $88.805 to $89.80, 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 $89.81 to $90.14, 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 $88.00 to $88.86, 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 $89.125 to $90.085, 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 $90.14 to $90.46, 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

Shares sold: 43,993 ADS Post-transaction holdings: 38,043,987 ADS Sample sale price: $90.279 per ADS +3 more

6 metrics

Shares sold 43,993 ADS Total net sales reported in early July transactions

Post-transaction holdings 38,043,987 ADS Direct holdings after latest reported sale

Sample sale price $90.279 per ADS Weighted-average price for 1,754 ADS sold on July 7

Highest price range $91.42–$91.55 Weighted-average price range from one sale footnote

Lowest price range $87.78–$88.75 Weighted-average price range from another sale footnote

Number of sale transactions 10 transactions Open-market sales coded as "S" in the filing

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivative transaction

4 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.

derivative transaction financial

"derivativeTransactionCount: 10"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/07/2026 - 08:52 PM Accepted by SEC EDGAR 07/07/2026 - 08:51 PM

FAQ

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

Kaspi.kz disclosed that director Vyacheslav Kim executed open-market sales of 43,993 American Depositary Shares in early July. These sales were reported across multiple transactions on July 2, 6, and 7 at prices in the high-$80s to low-$90s per ADS.

How many Kaspi.kz (KSPI) shares does Vyacheslav Kim hold after the latest Form 4?

After the reported transactions, Vyacheslav Kim directly holds about 38,043,987 American Depositary Shares of Kaspi.kz. Each ADS represents one common share, so this figure reflects a substantial continuing ownership stake despite the recent open-market sales disclosed.

What was the total size and nature of Vyacheslav Kim’s Kaspi.kz (KSPI) sales?

The filing shows total net sales of 43,993 Kaspi.kz American Depositary Shares through 10 separate open-market sale transactions. These trades are categorized under transaction code "S," indicating routine sales executed on the market or through private transactions, rather than option exercises or gifts.

At what prices were Kaspi.kz (KSPI) shares sold in Vyacheslav Kim’s recent transactions?

The reported weighted-average sale prices ranged roughly from $88 to $91 per American Depositary Share, depending on the specific transaction. Footnotes explain that each reported price is an average of multiple trades executed within narrower price ranges on the respective trading days.

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)
07/02/2026

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⁾	07/02/2026		S			2,635	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.944⁽²⁾	38,085,345	D
American Depositary Shares, no par value	⁽¹⁾	07/02/2026		S			5,354	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.848⁽³⁾	38,079,991	D
American Depositary Shares, no par value	⁽¹⁾	07/02/2026		S			5,694	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.923⁽⁴⁾	38,074,297	D
American Depositary Shares, no par value	⁽¹⁾	07/02/2026		S			770	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.479⁽⁵⁾	38,073,527	D
American Depositary Shares, no par value	⁽¹⁾	07/06/2026		S			4,403	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.429⁽⁶⁾	38,069,124	D
American Depositary Shares, no par value	⁽¹⁾	07/06/2026		S			6,808	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.494⁽⁷⁾	38,062,316	D
American Depositary Shares, no par value	⁽¹⁾	07/06/2026		S			3,018	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.902⁽⁸⁾	38,059,298	D
American Depositary Shares, no par value	⁽¹⁾	07/07/2026		S			8,470	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.32⁽⁹⁾	38,050,828	D
American Depositary Shares, no par value	⁽¹⁾	07/07/2026		S			5,087	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.764⁽¹⁰⁾	38,045,741	D
American Depositary Shares, no par value	⁽¹⁾	07/07/2026		S			1,754	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.279⁽¹¹⁾	38,043,987	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 $88.36 to $89.335, 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 $89.38 to $90.38, 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 $90.41 to $91.405, 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 $91.42 to $91.55, 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.

6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.78 to $88.75, 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 $88.805 to $89.80, 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 $89.81 to $90.14, 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.

9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.00 to $88.86, 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.

10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $89.125 to $90.085, 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.

11. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.14 to $90.46, 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	07/07/2026
	** 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