Kaspi.kz (KSPI) director Vyacheslav Kim sells 35,474 ADS in market trades

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 American Depositary Shares (ADS) in KSPI. On May 27–28, 2026, he sold a total of 35,474 ADS in six separate transactions at weighted average prices including $94.41, $93.30, $92.86 and $92.11 per ADS.

Footnotes state that each reported price is a weighted average for multiple trades, with actual prices falling within ranges from about $91.54 to $94.79. After these sales, he continued to directly hold tens of millions of ADS, indicating the disposals represent a small portion of his overall position.

Insider Trade Summary 10b5-1

Net Seller: 35,474 shares ($3,290,298)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 35,474 shs ($3.29M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	13,261	$92.113	$1.22M
Sale	American Depositary Shares, no par value	6,976	$92.862	$648K
Sale	American Depositary Shares, no par value	133	$93.699	$12K
Sale	American Depositary Shares, no par value	3,590	$92.541	$332K
Sale	American Depositary Shares, no par value	9,643	$93.297	$900K
Sale	American Depositary Shares, no par value	1,871	$94.407	$177K

Holdings After Transaction: American Depositary Shares, no par value — 38,551,843 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 $91.88 to $92.88, 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 $92.895 to $93.77, 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 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 $94.16 to $94.79, 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 $91.54 to $92.5, 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 $92.55 to $93.36, 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 $93.565 to $93.8, 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.

Key Figures

ADS sold: 35,474 ADS Sale price example: $94.407 per ADS Sale price example: $93.297 per ADS +3 more

6 metrics

ADS sold 35,474 ADS Total shares sold across six transactions on May 27–28, 2026

Sale price example $94.407 per ADS Weighted average price for one May 27, 2026 transaction

Sale price example $93.297 per ADS Weighted average price for another May 27, 2026 transaction

Sale price example $92.862 per ADS Weighted average price for a May 28, 2026 transaction

Sale price example $92.113 per ADS Weighted average price for a May 28, 2026 transaction

Net insider share change -35,474 ADS Net sell shares from transaction summary

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivativeTransactionCount, +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" in the transaction records"

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.

derivativeTransactionCount financial

"transactionSummary shows derivativeTransactionCount of 6"

net-sell financial

"transactionSummary lists netBuySellDirection as "net-sell""

Form 4 Insider Transactions: What Each Field Means →

05/29/2026 - 07:42 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)
05/27/2026

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⁾	05/27/2026		S			3,590	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.541⁽²⁾	38,576,618	D
American Depositary Shares, no par value	⁽¹⁾	05/27/2026		S			9,643	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.297⁽³⁾	38,566,975	D
American Depositary Shares, no par value	⁽¹⁾	05/27/2026		S			1,871	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.407⁽⁴⁾	38,565,104	D
American Depositary Shares, no par value	⁽¹⁾	05/28/2026		S			13,261	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.113⁽⁵⁾	38,551,843	D
American Depositary Shares, no par value	⁽¹⁾	05/28/2026		S			6,976	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.862⁽⁶⁾	38,544,867	D
American Depositary Shares, no par value	⁽¹⁾	05/28/2026		S			133	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.699⁽⁷⁾	38,544,734	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 $91.88 to $92.88, 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 $92.895 to $93.77, 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 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 $94.16 to $94.79, 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 $91.54 to $92.5, 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 $92.55 to $93.36, 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 $93.565 to $93.8, 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.

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	05/29/2026
	** 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 Joint Stock Co Kaspi.kz (KSPI) report for Vyacheslav Kim?

Joint Stock Co Kaspi.kz reported that director Vyacheslav Kim sold American Depositary Shares in open-market transactions. The Form 4 shows multiple sales over two days, reflecting routine portfolio activity rather than a change in company fundamentals or capital structure.

How many KSPI American Depositary Shares did Vyacheslav Kim sell in this Form 4?

According to the Form 4, Vyacheslav Kim sold a total of 35,474 American Depositary Shares. This total comes from six separate sale transactions and represents a small fraction of the tens of millions of ADS he continues to hold directly after the reported trades.

On what dates did Vyacheslav Kim sell KSPI American Depositary Shares?

The Form 4 shows that Vyacheslav Kim’s sales of KSPI American Depositary Shares occurred on May 27 and May 28, 2026. All six open-market transactions are dated over this two-day period, indicating a brief selling window rather than an extended selling program.

At what prices were the KSPI American Depositary Shares sold by Vyacheslav Kim?

Reported prices are weighted averages, including about $94.41, $93.30, $92.86 and $92.11 per ADS. Footnotes explain that each figure reflects multiple trades within ranges, with actual prices between roughly $91.54 and $94.79 across the different sale groupings.

What is the scale of Vyacheslav Kim’s remaining KSPI holdings after these sales?

The Form 4 indicates that Vyacheslav Kim continued to hold tens of millions of American Depositary Shares directly after the reported transactions. This context shows the 35,474 ADS sold are relatively small compared with his overall direct ownership position in Joint Stock Co Kaspi.kz.

What type of security did Vyacheslav Kim trade in the KSPI Form 4 filing?

The transactions involve American Depositary Shares, each representing one common share of Joint Stock Co Kaspi.kz. The filing classifies these as derivative-type records for reporting purposes, but the footnote clarifies the one-for-one relationship between each ADS and an underlying common share.