Kaspi.kz director sells 31,596 ADSs

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 31,596 American Depositary Shares (ADSs) in open-market transactions.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 31,596 American Depositary Shares (ADSs) in open-market transactions. The sales occurred on May 4 and May 5 at weighted average prices generally in the mid‑$80s per ADS.

Individual trades ranged from $83.61 to $88.24 per ADS based on the disclosed price ranges. Each ADS represents one common share of Kaspi.kz. After these transactions, the filing shows that Kim still holds a very large direct position measured in tens of millions of ADSs.

Insider Trade Summary 10b5-1

Net Seller: 31,596 shares

Net Sell 6 txns

Insider Kim Vyacheslav

Role Director

Sold 31,596 shs ($2.70M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	13,046	$84.136	$1.10M
Sale	American Depositary Shares, no par value	1,853	$84.944	$157K
Sale	American Depositary Shares, no par value	855	$85.913	$73K
Sale	American Depositary Shares, no par value	6,731	$85.756	$577K
Sale	American Depositary Shares, no par value	4,637	$86.819	$403K
Sale	American Depositary Shares, no par value	4,474	$87.831	$393K

Holdings After Transaction: American Depositary Shares, no par value — 38,900,627 contracts (Direct)

Footnotes (7)

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 sold in multiple transactions at prices ranging from $85.38 to $86.38, 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. F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.39 to $87.375, 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. F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.455 to $88.24, 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. F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.61 to $84.605, 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. F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $84.62 to $85.425, 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. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.64 to $86.19, 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: 31,596 ADSs Sale price example: $87.831 per ADS Sale price example: $84.136 per ADS +3 more

6 metrics

Total ADSs sold 31,596 ADSs Net shares sold across six transactions

Sale price example $87.831 per ADS Weighted average price on one May 4, 2026 transaction

Sale price example $84.136 per ADS Weighted average price on one May 5, 2026 transaction

Overall trade price range $83.61–$88.24 per ADS Full range of individual trade prices from footnotes

Post-trade holdings scale Tens of millions of ADSs Direct holdings after transactions remain very large

Number of sell transactions 6 transactions All coded as open-market sales (S)

Key Terms

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

5 terms

American Depositary Shares financial

"security titled "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.

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 securities financial

"transaction_type": "derivative" for the ADS transactions"

Financial contracts whose value is tied to the price or performance of another asset, such as a stock, bond, commodity, index, or currency; examples include options, futures and swaps. They matter to investors because they let you protect against price swings, bet on future moves or gain larger exposure with less upfront cash—like using a lever or insurance policy on an investment—so they can amplify gains and losses and help manage portfolio risk.

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.

FAQ

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

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

Kaspi.kz reported that director Vyacheslav Kim sold 31,596 ADSs in open-market transactions. The trades took place over two days at weighted average prices in the mid‑$80s per ADS, while he retained a much larger remaining stake.

On what dates did Vyacheslav Kim sell Kaspi.kz (KSPI) ADSs?

The Form 4 shows Vyacheslav Kim sold Kaspi.kz ADSs on May 4 and May 5, 2026. Multiple transactions were reported across those two days, each with its own share amount and weighted average sale price.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell in total?

Across six reported transactions, Vyacheslav Kim sold 31,596 ADSs. These sales were disclosed as open-market transactions, with individual trade sizes ranging from hundreds to several thousand ADSs per line item.

What prices did Vyacheslav Kim receive for Kaspi.kz (KSPI) ADS sales?

The reported weighted average prices ranged roughly from $84.14 to $87.83 per ADS. Footnotes add that individual trades occurred between $83.61 and $88.24, reflecting execution across a price range over both trading days.

What does one Kaspi.kz (KSPI) ADS represent for shareholders?

Each Kaspi.kz American Depositary Share represents one common share of the issuer. This 1:1 relationship means changes in ADS holdings directly mirror changes in common share exposure to the company’s underlying equity.

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

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Accepted by SEC EDGAR 05/06/2026 - 06:27 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)
05/04/2026

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)	05/04/2026		S			6,731	(1)	(1)	Common Shares, no par value	(1)	$85.756(2)	38,925,492	D
American Depositary Shares, no par value	(1)	05/04/2026		S			4,637	(1)	(1)	Common Shares, no par value	(1)	$86.819(3)	38,920,855	D
American Depositary Shares, no par value	(1)	05/04/2026		S			4,474	(1)	(1)	Common Shares, no par value	(1)	$87.831(4)	38,916,381	D
American Depositary Shares, no par value	(1)	05/05/2026		S			13,046	(1)	(1)	Common Shares, no par value	(1)	$84.136(5)	38,903,335	D
American Depositary Shares, no par value	(1)	05/05/2026		S			1,853	(1)	(1)	Common Shares, no par value	(1)	$84.944(6)	38,901,482	D
American Depositary Shares, no par value	(1)	05/05/2026		S			855	(1)	(1)	Common Shares, no par value	(1)	$85.913(7)	38,900,627	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 $85.38 to $86.38, 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 $86.39 to $87.375, 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 $87.455 to $88.24, 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 $83.61 to $84.605, 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 $84.62 to $85.425, 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 $85.64 to $86.19, 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	05/06/2026
	** 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)