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

Each Kaspi.kz American Depositary Share represents one common share of the issuer. This 1-to-1 ratio means the 57,201 ADSs sold correspond to the same number of underlying common shares, simplifying comparisons between ADS volumes and the company’s share count.

Kaspi.kz (KSPI) director trims stake with 57,201-ADS sale

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 57,201 American Depositary Shares (ADSs). The trades took place over June 25–29, 2026, across nine transactions.

The reported weighted average sale prices ranged from about $85.24 to $89.58 per ADS, with each ADS representing one common share of Kaspi.kz. These sales are small compared with Kim’s remaining direct holdings, which are shown in the filing at roughly 38 million ADSs, so he continues to be a very large shareholder.

Insider Trade Summary 10b5-1

Net Seller: 57,201 shares ($4,995,199)

Net Sell 9 txns

Insider Kim Vyacheslav

Role null

Sold 57,201 shs ($5.00M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	12,682	$87.306	$1.11M
Sale	American Depositary Shares, no par value	3,309	$88.183	$292K
Sale	American Depositary Shares, no par value	2,175	$89.02	$194K
Sale	American Depositary Shares, no par value	3,766	$86.493	$326K
Sale	American Depositary Shares, no par value	4,282	$87.334	$374K
Sale	American Depositary Shares, no par value	9,362	$88.833	$832K
Sale	American Depositary Shares, no par value	2,394	$89.32	$214K
Sale	American Depositary Shares, no par value	10,005	$85.862	$859K
Sale	American Depositary Shares, no par value	9,226	$86.531	$798K

Holdings After Transaction: American Depositary Shares, no par value — 38,114,406 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 $85.24 to $86.24, 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 $86.25 to $87.17, 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 $86.01 to $87.01, 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 $87.03 to $87.95, 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 $88.23 to $89.23, 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 $89.24 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 $86.735 to $87.71, 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 $87.74 to $88.5675, 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 $88.75 to $89.58, 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.

Key Figures

ADSs sold: 57,201 ADSs Number of transactions: 9 trades Lowest price range: $85.24–$86.24 +4 more

7 metrics

ADSs sold 57,201 ADSs Total open-market sales reported on Form 4

Number of transactions 9 trades Open-market ADS sales from June 25–29, 2026

Lowest price range $85.24–$86.24 Weighted average price range for one set of ADS sales

Highest price range $88.75–$89.58 Weighted average price range for another set of ADS sales

Representative sale price $89.02 per ADS One transaction’s weighted average sale price

Net share direction 57,201 net sold transactionSummary netBuySellShares and netBuySellDirection

ADS-to-share ratio 1 ADS = 1 common share Footnote explanation of ADS representation

Key Terms

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

5 terms

American Depositary Shares financial

"security title is listed as "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 is described as "open-market sale" for each trade"

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

"footnotes state "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 transaction financial

"transaction_type is labeled "derivative" for each ADS sale entry"

Form 4 financial

"the insider activity is disclosed through a Form 4 insider filing"

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 09:54 PM Accepted by SEC EDGAR 06/29/2026 - 09:54 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)
06/25/2026

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⁾	06/25/2026		S			10,005	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.862⁽²⁾	38,156,118	D
American Depositary Shares, no par value	⁽¹⁾	06/25/2026		S			9,226	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.531⁽³⁾	38,146,892	D
American Depositary Shares, no par value	⁽¹⁾	06/26/2026		S			3,766	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.493⁽⁴⁾	38,143,126	D
American Depositary Shares, no par value	⁽¹⁾	06/26/2026		S			4,282	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.334⁽⁵⁾	38,138,844	D
American Depositary Shares, no par value	⁽¹⁾	06/26/2026		S			9,362	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.833⁽⁶⁾	38,129,482	D
American Depositary Shares, no par value	⁽¹⁾	06/26/2026		S			2,394	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.32⁽⁷⁾	38,127,088	D
American Depositary Shares, no par value	⁽¹⁾	06/29/2026		S			12,682	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.306⁽⁸⁾	38,114,406	D
American Depositary Shares, no par value	⁽¹⁾	06/29/2026		S			3,309	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.183⁽⁹⁾	38,111,097	D
American Depositary Shares, no par value	⁽¹⁾	06/29/2026		S			2,175	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.02⁽¹⁰⁾	38,108,922	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 $85.24 to $86.24, 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 $86.25 to $87.17, 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 $86.01 to $87.01, 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 $87.03 to $87.95, 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 $88.23 to $89.23, 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 $89.24 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 $86.735 to $87.71, 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 $87.74 to $88.5675, 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 $88.75 to $89.58, 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.

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	06/29/2026
	** 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) director Vyacheslav Kim report?

Vyacheslav Kim reported selling 57,201 American Depositary Shares of Kaspi.kz in nine open-market transactions. The trades occurred over several days and were disclosed in a Form 4 insider filing, giving investors detail on timing, volumes, and prices for each sale.

Over what dates did the Kaspi.kz (KSPI) insider sales take place?

The disclosed insider sales took place from June 25 to June 29, 2026. During this period, Vyacheslav Kim executed nine separate open-market transactions in Kaspi.kz ADSs, each recorded with its own share amount and weighted average sale price in the filing.

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

He sold a total of 57,201 American Depositary Shares in nine transactions. Weighted average sale prices for these trades ranged from about $85.24 to $89.58 per ADS, according to detailed price ranges disclosed in the Form 4 footnotes.

Are the Kaspi.kz (KSPI) insider transactions single-price or range-priced trades?

The reported prices are weighted averages for trades executed across price ranges. Footnotes explain that each ADS sale involved multiple executions within specified ranges, and that full breakdowns of share counts by exact price are available upon request from the issuer or the SEC staff.

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

After the reported sales, the Form 4 shows his direct holdings at around 38 million ADSs. This indicates that, despite selling 57,201 ADSs, he still retains a very substantial ownership stake in Kaspi.kz relative to the size of the transactions.