What does one Kaspi.kz (KSPI) American Depositary Share represent for investors?

Each Kaspi.kz American Depositary Share represents one common share of the issuer. This means trading the ADS is economically equivalent to holding one underlying Kaspi.kz common share, as explicitly stated in the Form 4 footnotes for this insider transaction.

Kaspi.kz (KSPI) director sells 46,893 ADS around $76.8–$82.4

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 46,893 American Depositary Shares (ADSs). The sales took place on June 10–11, 2026 in seven separate transactions.

The reported weighted average sale prices ranged from about $76.815 to $82.38 per ADS. Each ADS represents one common share of Kaspi.kz. After these trades, Kim continued to hold a very large direct position, with share counts in the filing showing totals well above 38 million ADSs.

Insider Trade Summary 10b5-1

Net Seller: 46,893 shares ($3,718,136)

Net Sell 7 txns

Insider Kim Vyacheslav

Role null

Sold 46,893 shs ($3.72M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	1,456	$78.53	$114K
Sale	American Depositary Shares, no par value	10,090	$79.95	$807K
Sale	American Depositary Shares, no par value	4,562	$81.40	$371K
Sale	American Depositary Shares, no par value	5,353	$82.08	$439K
Sale	American Depositary Shares, no par value	6,351	$77.37	$491K
Sale	American Depositary Shares, no par value	19,069	$78.35	$1.49M
Sale	American Depositary Shares, no par value	12	$78.92	$947.04

Holdings After Transaction: American Depositary Shares, no par value — 38,338,786 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 $76.815 to $77.805, 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 $77.835 to $78.8, 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 $78.17 to $78.88, 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 $79.59 to $80.445, 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 $80.755 to $81.73, 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 $81.78 to $82.38, 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.

Key Figures

Total ADSs sold: 46,893 ADSs Sale price range: $76.815–$82.38 per ADS Largest single block: 19,069 ADSs at $78.35 +2 more

5 metrics

Total ADSs sold 46,893 ADSs Open-market sales on June 10–11, 2026

Sale price range $76.815–$82.38 per ADS Weighted average prices across multiple trades

Largest single block 19,069 ADSs at $78.35 One transaction on June 10, 2026

Post-trade holdings (example) 38,318,781 ADSs Total shares following one reported transaction

Number of sale transactions 7 transactions All coded as open-market sales (S)

Key Terms

American Depositary Share, weighted average price, open-market sale, Form 4, +1 more

5 terms

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.

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.

derivative transaction financial

"derivativeTransactionCount: 7"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/12/2026 - 04:31 PM Accepted by SEC EDGAR 06/12/2026 - 04:31 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)
06/10/2026

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⁾	06/10/2026		S			6,351	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$77.37⁽²⁾	38,359,323	D
American Depositary Shares, no par value	⁽¹⁾	06/10/2026		S			19,069	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$78.35⁽³⁾	38,340,254	D
American Depositary Shares, no par value	⁽¹⁾	06/10/2026		S			12	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$78.92	38,340,242	D
American Depositary Shares, no par value	⁽¹⁾	06/11/2026		S			1,456	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$78.53⁽⁴⁾	38,338,786	D
American Depositary Shares, no par value	⁽¹⁾	06/11/2026		S			10,090	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$79.95⁽⁵⁾	38,328,696	D
American Depositary Shares, no par value	⁽¹⁾	06/11/2026		S			4,562	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$81.4⁽⁶⁾	38,324,134	D
American Depositary Shares, no par value	⁽¹⁾	06/11/2026		S			5,353	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.08⁽⁷⁾	38,318,781	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 $76.815 to $77.805, 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 $77.835 to $78.8, 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 $78.17 to $78.88, 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 $79.59 to $80.445, 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 $80.755 to $81.73, 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 $81.78 to $82.38, 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.

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	06/12/2026
	** 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 insider transaction did Kaspi.kz (KSPI) report for Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim conducted open-market sales of 46,893 American Depositary Shares. These trades occurred over two days and were disclosed in a Form 4 insider filing, detailing share amounts, prices, and his remaining large direct holdings.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell and on which dates?

Vyacheslav Kim sold a total of 46,893 American Depositary Shares of Kaspi.kz. The Form 4 shows seven open-market sale transactions executed on June 10 and June 11, 2026, each with specified share amounts and weighted average prices.

At what prices were the Kaspi.kz (KSPI) ADSs sold by Vyacheslav Kim?

The reported sale prices are weighted averages, with individual trades ranging from $76.815 to $82.38 per American Depositary Share. Several blocks were reported at prices such as $77.37, $78.35, $79.95, $81.40 and $82.08 per ADS in open-market transactions.

How large is Vyacheslav Kim’s remaining Kaspi.kz (KSPI) holding after these sales?

After the disclosed trades, the Form 4 shows Vyacheslav Kim still directly holding more than 38 million American Depositary Shares. Individual transaction lines list post-transaction totals in the high 38 million range, indicating the sales were small relative to his overall position.