Kaspi.kz (KSPI) director Vyacheslav Kim sells 50,442 ADS in open-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 50,442 American Depositary Shares (ADS) of the company. The trades took place on May 22 and May 26 at weighted average prices mostly around $91–$94 per ADS. Footnotes state the ADSs were sold in multiple transactions, with price ranges from $90.455 to $94.48, and that full price breakdowns are available on request.

Insider Trade Summary 10b5-1

Net Seller: 50,442 shares ($4,662,615)

Net Sell 5 txns

Insider Kim Vyacheslav

Role null

Sold 50,442 shs ($4.66M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	891	$91.677	$82K
Sale	American Depositary Shares, no par value	25,797	$93.156	$2.40M
Sale	American Depositary Shares, no par value	2,508	$93.853	$235K
Sale	American Depositary Shares, no par value	11,278	$91.141	$1.03M
Sale	American Depositary Shares, no par value	9,968	$91.745	$915K

Holdings After Transaction: American Depositary Shares, no par value — 38,608,513 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 $90.455 to $91.45, 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 $91.47 to $92.365, 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 $91.45 to $91.94, 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 $92.715 to $93.71, 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 $93.72 to $94.48, 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: 50,442 ADS May 22, 2026 sale price: $90.455–$91.45 per ADS May 22, 2026 sale price: $91.47–$92.365 per ADS +5 more

8 metrics

ADS sold 50,442 ADS Total shares sold across five transactions

May 22, 2026 sale price $90.455–$91.45 per ADS Weighted-average price range from footnote F2

May 22, 2026 sale price $91.47–$92.365 per ADS Weighted-average price range from footnote F3

May 26, 2026 sale price $91.45–$91.94 per ADS Weighted-average price range from footnote F4

May 26, 2026 sale price $92.715–$93.71 per ADS Weighted-average price range from footnote F5

May 26, 2026 sale price $93.72–$94.48 per ADS Weighted-average price range from footnote F6

Sell transactions 5 transactions All coded as open-market or private sales (S)

Net share change -50,442 ADS Net-sell direction per transactionSummary

Key Terms

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

5 terms

American Depositary Shares financial

"security_title: "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: "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.

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.

derivativeTransactionCount financial

""derivativeTransactionCount": 5"

net-sell financial

""netBuySellDirection": "net-sell""

Form 4 Insider Transactions: What Each Field Means →

05/27/2026 - 06:00 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)
05/22/2026

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⁾	05/22/2026		S			11,278	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.141⁽²⁾	38,619,372	D
American Depositary Shares, no par value	⁽¹⁾	05/22/2026		S			9,968	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.745⁽³⁾	38,609,404	D
American Depositary Shares, no par value	⁽¹⁾	05/26/2026		S			891	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.677⁽⁴⁾	38,608,513	D
American Depositary Shares, no par value	⁽¹⁾	05/26/2026		S			25,797	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.156⁽⁵⁾	38,582,716	D
American Depositary Shares, no par value	⁽¹⁾	05/26/2026		S			2,508	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.853⁽⁶⁾	38,580,208	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 $90.455 to $91.45, 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 $91.47 to $92.365, 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 $91.45 to $91.94, 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 $92.715 to $93.71, 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.

6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.72 to $94.48, 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	05/27/2026
	** 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) disclose for Vyacheslav Kim?

Kaspi.kz disclosed that director Vyacheslav Kim executed open-market sales of 50,442 American Depositary Shares. These transactions were reported on Form 4 and reflect routine portfolio activity rather than any change in company operations or financial performance.

How many Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell and on which dates?

Vyacheslav Kim sold a total of 50,442 Kaspi.kz American Depositary Shares in five transactions. The sales occurred on May 22 and May 26, 2026, according to the Form 4 insider trading disclosure filed with the U.S. Securities and Exchange Commission.

At what prices were Vyacheslav Kim’s Kaspi.kz (KSPI) ADS sales executed?

The reported prices are weighted averages for multiple trades. Footnotes show the ADS sales occurred in ranges from $90.455 to $91.94 and from $91.47 to $94.48 per share, with detailed price breakdowns available from the reporting person upon request.

What type of transactions did Kaspi.kz (KSPI) report for Vyacheslav Kim on Form 4?

The filing reports open-market sales of American Depositary Shares, coded as “S” transactions. Each entry is described as a sale in open market or private transaction, and all are categorized as derivative-type records tied to the company’s common shares.

Does the Kaspi.kz (KSPI) Form 4 show any option exercises or gifts by Vyacheslav Kim?

No, the summarized data shows only sale transactions totaling 50,442 ADS and no exercises, gifts, tax withholdings, or restructuring entries. The derivativeSummary section is empty, indicating no remaining derivative positions are detailed in this specific Form 4.