What does one KSPI American Depositary Share represent?

Each KSPI American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz. This one-to-one relationship is explicitly stated in the footnotes accompanying the reported insider transactions.

Kaspi.kz director sells 56K ADSs near $99

Q: What insider transaction did KSPI’s director Vyacheslav Kim report?

Vyacheslav Kim reported open-market sales of 56,376 American Depositary Shares of Joint Stock Co Kaspi.kz. The sales occurred over several days in August 2026 at weighted-average prices in the high-$90 range per ADS.

Q: Over what dates were the KSPI insider sales by Vyacheslav Kim executed?

The reported sales were executed on August 14, 17, and 18, 2026. Across these three trading days, seven separate transactions of American Depositary Shares were recorded, each with its own weighted-average sale price disclosure.

Q: How many KSPI American Depositary Shares did Vyacheslav Kim sell in total?

He sold a total of 56,376 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz. This aggregate comes from seven individual sale transactions reported in the Form 4’s transaction summary section.

Q: How are KSPI insider transactions affected by the company’s foreign private issuer status?

Because Joint Stock Co Kaspi.kz is a foreign private issuer, the filing notes its equity securities are exempt from Sections 16(b) and 16(c) of the Exchange Act. Nonetheless, the director’s sales are disclosed in this Form 4.

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported open-market sales of the company’s American Depositary Shares (ADSs).

Filing Impact

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Filing Sentiment

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Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported open-market sales of the company’s American Depositary Shares (ADSs). Over August 14–18, 2026, he sold a total of 56,376 ADSs in seven transactions at weighted-average prices between about $96.81 and $99.68, with each ADS representing one common share. The transactions are indicated as made under a Rule 10b5-1 trading plan, and post-transaction share holdings are not reported in this filing.

Insider Trade Summary 10b5-1

Net Seller: 56,376 shares

Net Sell 7 txns

Insider Kim Vyacheslav

Role Director

Sold 56,376 shs ($5.55M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F6}	6,173	$97.53	$602K
Sale	American Depositary Shares, no par value ^{F1, F7}	14,584	$98.19	$1.43M
Sale	American Depositary Shares, no par value ^{F1, F8}	2,332	$98.98	$231K
Sale	American Depositary Shares, no par value ^{F1, F4}	15,630	$98.67	$1.54M
Sale	American Depositary Shares, no par value ^{F1, F5}	2,855	$99.26	$283K
Sale	American Depositary Shares, no par value ^{F1, F2}	14,638	$98.49	$1.44M
Sale	American Depositary Shares, no par value ^{F1, F3}	164	$99.03	$16K

Holdings After Transaction: American Depositary Shares, no par value — 37,430,309 contracts (Direct)

Footnotes (8)

F1. Each American Depositary Share (ADS) represents one common share of the issuer.
F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.985 to $98.98, 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.
F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.02 to $99.045, 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.
F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.07 to $99.05, 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 sold at each separate price within the range set forth in this footnote.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.09 to $99.68, 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.
F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $96.81 to $97.80, 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.
F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.815 to $98.81, 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.
F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.86 to $99.31, 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: 56,376 ADSs Shares sold on 2026-08-14 (main block): 14,638 ADSs Shares sold on 2026-08-14 (additional): 164 ADSs +5 more

8 metrics

Total ADSs sold 56,376 ADSs Aggregate insider sales by Vyacheslav Kim per transaction summary

Shares sold on 2026-08-14 (main block) 14,638 ADSs Sale on August 14, 2026 at weighted-average price $98.4900

Shares sold on 2026-08-14 (additional) 164 ADSs Sale on August 14, 2026 at weighted-average price $99.0300

Shares sold on 2026-08-17 (main block) 15,630 ADSs Sale on August 17, 2026 at weighted-average price $98.6700

Shares sold on 2026-08-17 (additional) 2,855 ADSs Sale on August 17, 2026 at weighted-average price $99.2600

Shares sold on 2026-08-18 (block 1) 6,173 ADSs Sale on August 18, 2026 at weighted-average price $97.5300

Shares sold on 2026-08-18 (block 2) 14,584 ADSs Sale on August 18, 2026 at weighted-average price $98.1900

Shares sold on 2026-08-18 (block 3) 2,332 ADSs Sale on August 18, 2026 at weighted-average price $98.9800

Key Terms

American Depositary Shares, weighted average price, foreign private issuer, Rule 10b5-1, +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.

foreign private issuer regulatory

"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)"

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

Rule 10b5-1 regulatory

"The filing indicates the transactions were made under a Rule 10b5-1 trading plan."

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

Sections 16(b) and 16(c) regulatory

"equity securities are exempt from Sections 16(b) and 16(c) of the Act."

FAQ

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

What insider transaction did KSPI’s director Vyacheslav Kim report?

Vyacheslav Kim reported open-market sales of 56,376 American Depositary Shares of Joint Stock Co Kaspi.kz. The sales occurred over several days in August 2026 at weighted-average prices in the high-$90 range per ADS.

Over what dates were the KSPI insider sales by Vyacheslav Kim executed?

The reported sales were executed on August 14, 17, and 18, 2026. Across these three trading days, seven separate transactions of American Depositary Shares were recorded, each with its own weighted-average sale price disclosure.

How many KSPI American Depositary Shares did Vyacheslav Kim sell in total?

He sold a total of 56,376 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz. This aggregate comes from seven individual sale transactions reported in the Form 4’s transaction summary section.

What prices did Vyacheslav Kim receive for the KSPI ADS sales?

The reported weighted-average sale prices ranged from about $96.81 to $99.68 per ADS. Footnotes state each transaction involved multiple trades within specified price ranges, with detailed breakdowns available on request.

Were Vyacheslav Kim’s KSPI transactions under a Rule 10b5-1 trading plan?

Yes. The filing indicates the transactions were made under a Rule 10b5-1 trading plan. Such plans pre-schedule trades, which can reduce the significance of trade timing as a signal of the insider’s views.

How are KSPI insider transactions affected by the company’s foreign private issuer status?

Because Joint Stock Co Kaspi.kz is a foreign private issuer, the filing notes its equity securities are exempt from Sections 16(b) and 16(c) of the Exchange Act. Nonetheless, the director’s sales are disclosed in this Form 4.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 08/18/2026 - 06:52 PM EDT

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)
08/14/2026

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⁾	08/14/2026		S			14,638	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.49⁽²⁾	37,472,047	D
American Depositary Shares, no par value	⁽¹⁾	08/14/2026		S			164	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$99.03⁽³⁾	37,471,883	D
American Depositary Shares, no par value	⁽¹⁾	08/17/2026		S			15,630	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.67⁽⁴⁾	37,456,253	D
American Depositary Shares, no par value	⁽¹⁾	08/17/2026		S			2,855	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$99.26⁽⁵⁾	37,453,398	D
American Depositary Shares, no par value	⁽¹⁾	08/18/2026		S			6,173	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.53⁽⁶⁾	37,447,225	D
American Depositary Shares, no par value	⁽¹⁾	08/18/2026		S			14,584	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.19⁽⁷⁾	37,432,641	D
American Depositary Shares, no par value	⁽¹⁾	08/18/2026		S			2,332	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.98⁽⁸⁾	37,430,309	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 $97.985 to $98.98, 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 $99.02 to $99.045, 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 $98.07 to $99.05, 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 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 $99.09 to $99.68, 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 $96.81 to $97.80, 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 $97.815 to $98.81, 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.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.86 to $99.31, 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	08/18/2026
	** 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