Does each Kaspi.kz (KSPI) ADS sold correspond to a common share?

Yes. A Form 4 footnote states that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz, so the 48,629 ADS sold correspond to the same number of underlying common shares.

Kaspi.kz (KSPI) director Vyacheslav Kim sells 48,629 ADS stake

Q: What did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

He reported selling 48,629 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz in six open-market transactions over May 14–15, 2026, according to the Form 4 insider trading disclosure.

Q: How many Kaspi.kz (KSPI) ADS did the director sell and over what dates?

The director sold a total of 48,629 ADS in several trades executed on May 14 and May 15, 2026 . Each ADS represents one common share of Joint Stock Co Kaspi.kz, as stated in the filing.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 48,629 American Depositary Shares (ADS) of the company in a series of open-market transactions. The trades took place on May 14–15, 2026 at weighted average prices that included $88.94 and $87.35 per ADS.

The filing classifies all six transactions as open-market sales of ADSs, each representing one common share. Even after these sales, the reported ownership table shows the director still holding a very large position, so the disposals appear small relative to his overall stake.

Insider Trade Summary 10b5-1

Net Seller: 48,629 shares ($4,257,715)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 48,629 shs ($4.26M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	29,855	$87.348	$2.61M
Sale	American Depositary Shares, no par value	8,385	$87.923	$737K
Sale	American Depositary Shares, no par value	204	$88.94	$18K
Sale	American Depositary Shares, no par value	4,228	$87.196	$369K
Sale	American Depositary Shares, no par value	5,539	$88.236	$489K
Sale	American Depositary Shares, no par value	418	$88.897	$37K

Holdings After Transaction: American Depositary Shares, no par value — 38,742,761 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 $86.795 to $87.79, 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 $87.8025 to $88.665, 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 $88.83 to $88.97, 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 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 $86.71 to $87.70, 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 $87.715 to $88.62, 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 ADS sold: 48,629 ADS Highest listed transaction price: $88.94 per ADS Example transaction price: $87.348 per ADS +2 more

5 metrics

Total ADS sold 48,629 ADS Net open-market sales reported in Form 4

Highest listed transaction price $88.94 per ADS Weighted average price on May 15, 2026 transaction

Example transaction price $87.348 per ADS Weighted average price on May 15, 2026 transaction

Number of sale transactions 6 transactions Form 4 transactionSummary sellCount

Net buy/sell direction Net sell of 48,629 ADS transactionSummary netBuySellShares and direction

Key Terms

American Depositary Shares, weighted average price, open-market sale, Sale in open market or private transaction, +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.

Sale in open market or private transaction financial

"transaction_code_description: "Sale in open market or private transaction""

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 03:40 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)
05/14/2026

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⁾	05/14/2026		S			4,228	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.196⁽²⁾	38,778,573	D
American Depositary Shares, no par value	⁽¹⁾	05/14/2026		S			5,539	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.236⁽³⁾	38,773,034	D
American Depositary Shares, no par value	⁽¹⁾	05/14/2026		S			418	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.897⁽⁴⁾	38,772,616	D
American Depositary Shares, no par value	⁽¹⁾	05/15/2026		S			29,855	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.348⁽⁵⁾	38,742,761	D
American Depositary Shares, no par value	⁽¹⁾	05/15/2026		S			8,385	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.923⁽⁶⁾	38,734,376	D
American Depositary Shares, no par value	⁽¹⁾	05/15/2026		S			204	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.94	38,734,172	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 $86.795 to $87.79, 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 $87.8025 to $88.665, 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 $88.83 to $88.97, 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 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 $86.71 to $87.70, 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 $87.715 to $88.62, 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	05/18/2026
	** 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 did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

He reported selling 48,629 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz in six open-market transactions over May 14–15, 2026, according to the Form 4 insider trading disclosure.

How many Kaspi.kz (KSPI) ADS did the director sell and over what dates?

The director sold a total of 48,629 ADS in several trades executed on May 14 and May 15, 2026. Each ADS represents one common share of Joint Stock Co Kaspi.kz, as stated in the filing.

At what prices were the Kaspi.kz (KSPI) ADS sales executed?

Individual transactions list weighted average prices such as $88.94, $88.90, $88.24, and $87.35 per ADS. Footnotes explain these are averages across multiple trades within specified intraday price ranges.

Were the Kaspi.kz (KSPI) insider transactions open-market sales?

Yes. The Form 4 classifies each transaction with code S and describes them as a “Sale in open market or private transaction”. The transaction_action field further labels them as open-market sales of ADSs.