Kaspi.kz director sells 107,546 ADS in market

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 107,546 American Depositary Shares (ADS) over two days.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 107,546 American Depositary Shares (ADS) over two days. The trades were executed on April 20 and 21 at various prices as reflected in the Form 4 data.

After these transactions, Kim directly holds 39,257,572 ADS, so the reported sales represent only a small portion of his disclosed position. Each ADS represents one common share of Kaspi.kz.

Insights

Equity ownership & insider-trading analyst

Director Vyacheslav Kim made modest open-market ADS sales while retaining a very large stake.

Vyacheslav Kim, a director of Joint Stock Co Kaspi.kz, reported selling 107,546 American Depositary Shares (ADS) in open-market transactions on April 20 and April 21. Reported prices span multiple trades, reflected as weighted averages in the filing.

Following these sales, Kim directly holds 39,257,572 ADS. Relative to this disclosed position, the net sale looks small, indicating a routine portfolio adjustment rather than a large-scale exit. The filing does not reference option exercises or remaining derivatives, and derivativeSummary is empty.

The footnotes clarify that each ADS equals one common share and that transaction prices are weighted averages across multiple executions in defined ranges. Future company filings will provide additional context on any subsequent changes in Kim's ownership.

Insider Trade Summary 10b5-1

Net Seller: 107,546 shares

Net Sell 14 txns

Insider Kim Vyacheslav

Role Director

Sold 107,546 shs ($9.93M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	10,531	$89.21	$939K
Sale	American Depositary Shares, no par value	9,331	$90.20	$842K
Sale	American Depositary Shares, no par value	3,194	$91.26	$291K
Sale	American Depositary Shares, no par value	290	$92.03	$27K
Sale	American Depositary Shares, no par value	1,621	$87.37	$142K
Sale	American Depositary Shares, no par value	1,201	$88.50	$106K
Sale	American Depositary Shares, no par value	1,177	$89.63	$105K
Sale	American Depositary Shares, no par value	1,897	$90.83	$172K
Sale	American Depositary Shares, no par value	30,852	$91.92	$2.84M
Sale	American Depositary Shares, no par value	13,961	$92.82	$1.30M
Sale	American Depositary Shares, no par value	17,012	$93.98	$1.60M
Sale	American Depositary Shares, no par value	10,907	$94.89	$1.03M
Sale	American Depositary Shares, no par value	4,222	$95.83	$405K
Sale	American Depositary Shares, no par value	1,350	$96.67	$131K

Holdings After Transaction: American Depositary Shares, no par value — 548,799,328 contracts (Direct)

Footnotes (15)

1. F1. Each American Depositary Share (ADS) represents one common share of the issuer.
2. F2. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $86.945 to $87.525, 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 purchased at each separate price within the range set forth in this footnote.
3. F3. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $88.06 to $88.78, 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 purchased at each separate price within the range set forth in this footnote.
4. F4. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $89.12 to $89.845, 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 purchased at each separate price within the range set forth in this footnote.
5. F5. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $90.3 to $91.255, 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 purchased at each separate price within the range set forth in this footnote.
6. F6. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $91.32 to $92.3175, 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 purchased at each separate price within the range set forth in this footnote.
7. F7. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $92.375 to $93.315, 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 purchased at each separate price within the range set forth in this footnote.
8. F8. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $93.355 to $94.3425, 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 purchased at each separate price within the range set forth in this footnote.
9. F9. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $94.40 to $95.40, 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 purchased at each separate price within the range set forth in this footnote.
10. F10. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $95.41 to $96.38, 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 purchased at each separate price within the range set forth in this footnote.
11. F11. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $96.455 to $97, 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 purchased at each separate price within the range set forth in this footnote.
12. F12. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $88.715 to $89.67, 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 purchased at each separate price within the range set forth in this footnote.
13. F13. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $89.76 to $90.72, 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 purchased at each separate price within the range set forth in this footnote.
14. F14. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $90.78 to $91.77, 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 purchased at each separate price within the range set forth in this footnote.
15. F15. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $92.02 to $92.05, 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 purchased at each separate price within the range set forth in this footnote.

Key Figures

ADS sold: 107,546 ADS Shares after transaction: 39,257,572 ADS Sample sale price: $96.67 per ADS +2 more

5 metrics

ADS sold 107,546 ADS Total net shares sold across 14 transactions

Shares after transaction 39,257,572 ADS Direct holdings following reported sales

Sample sale price $96.67 per ADS One weighted-average price on April 20

Sample sale price $92.03 per ADS One weighted-average price on April 21

Transaction count 14 sale entries All coded S as open-market or private sales

Key Terms

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

5 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.

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.

derivativeTransactionCount financial

""derivativeTransactionCount": 14"

FAQ

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

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

Kaspi.kz director Vyacheslav Kim reported open-market sales of 107,546 American Depositary Shares (ADS). The trades occurred over two days and are detailed in multiple line items in the Form 4, each with its own share amount and weighted-average sale price.

Over what dates did Vyacheslav Kim sell Kaspi.kz (KSPI) ADS?

The Form 4 shows that all reported sales took place on April 20 and April 21. Each day includes several separate trades, with different share sizes and weighted-average prices, reflecting execution across a range of prices during normal market trading.

How many Kaspi.kz (KSPI) ADS does Vyacheslav Kim hold after the reported sales?

After the disclosed transactions, Vyacheslav Kim directly holds 39,257,572 American Depositary Shares. This post-transaction figure comes from the Form 4’s “shares following transaction” data and shows that the 107,546 ADS sold represent a small fraction of his reported position.

What prices were involved in Vyacheslav Kim’s Kaspi.kz (KSPI) ADS sales?

Each Form 4 line reports a weighted-average sale price per ADS, with examples including prices around the high $80s to mid-$90s. Footnotes explain that these averages reflect multiple executions within specified price ranges and that detailed breakdowns are available on request.

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

According to the Form 4 footnotes, each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz. This one-to-one relationship helps investors translate reported ADS transactions directly into underlying common share exposure.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) trades open-market sales or another type of transaction?

The Form 4 classifies all reported transactions with code S and describes them as open-market or private sales. There is no indication of option exercises, gifts, or tax withholdings; the filing shows straightforward sales of American Depositary Shares.

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

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Accepted by SEC EDGAR 04/22/2026 - 06:08 PM Learn about SEC filing dates

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).

X

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)
04/20/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	04/20/2026		S		1,621		(1)	(1)	American Depositary Shares, no par value	(1)	$87.37(2)	39,257,572	D
American Depositary Shares, no par value	(1)	04/20/2026		S		1,201		(1)	(1)	American Depositary Shares, no par value	(1)	$88.5(3)	39,256,326	D
American Depositary Shares, no par value	(1)	04/20/2026		S		1,177		(1)	(1)	American Depositary Shares, no par value	(1)	$89.63(4)	39,255,149	D
American Depositary Shares, no par value	(1)	04/20/2026		S		1,897		(1)	(1)	American Depositary Shares, no par value	(1)	$90.83(5)	39,253,252	D
American Depositary Shares, no par value	(1)	04/20/2026		S		30,852		(1)	(1)	American Depositary Shares, no par value	(1)	$91.92(6)	39,222,400	D
American Depositary Shares, no par value	(1)	04/20/2026		S		13,961		(1)	(1)	American Depositary Shares, no par value	(1)	$92.82(7)	39,208,439	D
American Depositary Shares, no par value	(1)	04/20/2026		S		17,012		(1)	(1)	American Depositary Shares, no par value	(1)	$93.98(8)	39,191,427	D
American Depositary Shares, no par value	(1)	04/20/2026		S		10,907		(1)	(1)	American Depositary Shares, no par value	(1)	$94.89(9)	39,180,520	D
American Depositary Shares, no par value	(1)	04/20/2026		S		4,222		(1)	(1)	American Depositary Shares, no par value	(1)	$95.83(10)	39,176,298	D
American Depositary Shares, no par value	(1)	04/20/2026		S		1,350		(1)	(1)	American Depositary Shares, no par value	(1)	$96.67(11)	39,174,948	D
American Depositary Shares, no par value	(1)	04/21/2026		S		10,531		(1)	(1)	American Depositary Shares, no par value	(1)	$89.21(12)	39,164,417	D
American Depositary Shares, no par value	(1)	04/21/2026		S		9,331		(1)	(1)	American Depositary Shares, no par value	(1)	$90.2(13)	39,155,086	D
American Depositary Shares, no par value	(1)	04/21/2026		S		3,194		(1)	(1)	American Depositary Shares, no par value	(1)	$91.26(14)	39,151,892	D
American Depositary Shares, no par value	(1)	04/21/2026		S		290		(1)	(1)	American Depositary Shares, no par value	(1)	$92.03(15)	39,151,602	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 purchased in multiple transactions at prices ranging from $86.945 to $87.525, 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 purchased 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 purchased in multiple transactions at prices ranging from $88.06 to $88.78, 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 purchased 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 purchased in multiple transactions at prices ranging from $89.12 to $89.845, 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 purchased 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 purchased in multiple transactions at prices ranging from $90.3 to $91.255, 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 purchased 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 purchased in multiple transactions at prices ranging from $91.32 to $92.3175, 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 purchased 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 purchased in multiple transactions at prices ranging from $92.375 to $93.315, 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 purchased 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 purchased in multiple transactions at prices ranging from $93.355 to $94.3425, 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 purchased 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 purchased in multiple transactions at prices ranging from $94.40 to $95.40, 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 purchased 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 purchased in multiple transactions at prices ranging from $95.41 to $96.38, 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 purchased 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 purchased in multiple transactions at prices ranging from $96.455 to $97, 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 purchased at each separate price within the range set forth in this footnote.

12. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $88.715 to $89.67, 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 purchased at each separate price within the range set forth in this footnote.

13. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $89.76 to $90.72, 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 purchased at each separate price within the range set forth in this footnote.

14. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $90.78 to $91.77, 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 purchased at each separate price within the range set forth in this footnote.

15. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $92.02 to $92.05, 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 purchased at each separate price within the range set forth in this footnote.

	/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim	04/22/2026
	** 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)