Kaspi.kz (KSPI) director trims stake with 43,638 ADS sale

Q: Are Kaspi.kz (KSPI) American Depositary Shares equivalent to common shares?

Yes. A footnote states that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz. This means the ADS count directly mirrors the number of underlying common shares represented by those depositary receipts.

Q: Were Vyacheslav Kim’s Kaspi.kz (KSPI) trades single-block or multiple transactions?

The Form 4 notes that reported prices are weighted average prices for ADS bought and sold in multiple transactions within specified price ranges. The reporting person offers to provide details for each individual trade price within those ranges upon request.

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 43,638 American Depositary Shares (ADS). The trades occurred over two days at weighted average prices in the low-to-mid $80 range, as detailed by price ranges in the footnotes.

Following these transactions, Kim directly owned 39,259,148 ADS. Each ADS represents one common share of the issuer, so the filing shows that he remains a very large shareholder even after the reported sales.

Insider Trade Summary 10b5-1

Net Seller: 43,638 shares ($3,622,143)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 43,638 shs ($3.62M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	503	$81.71	$41K
Sale	American Depositary Shares, no par value	5,291	$82.894	$439K
Sale	American Depositary Shares, no par value	6,790	$83.841	$569K
Sale	American Depositary Shares, no par value	14,659	$84.777	$1.24M
Sale	American Depositary Shares, no par value	15,866	$81.133	$1.29M
Sale	American Depositary Shares, no par value	529	$81.604	$43K

Holdings After Transaction: American Depositary Shares, no par value — 39,285,888 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 purchased in multiple transactions at prices ranging from $80.55 to $81.49, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.6 to $81.64, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.23 to $82, 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 purchased 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 purchased in multiple transactions at prices ranging from $82.28 to $83.26, 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 purchased 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 purchased in multiple transactions at prices ranging from $83.34 to $84.335, 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 purchased 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 purchased in multiple transactions at prices ranging from $84.36 to $85.23, 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 purchased at each separate price within the range set forth in this footnote.

Key Figures

ADS sold: 43,638 ADS Sale price ranges: $80.55–$85.23 per ADS Holdings after sale: 39,259,148 ADS

3 metrics

ADS sold 43,638 ADS Total open-market sales reported across six transactions

Sale price ranges $80.55–$85.23 per ADS Weighted average price ranges noted in footnotes F2–F7

Holdings after sale 39,259,148 ADS Direct ownership following the last reported transaction

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivative

4 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.

derivative financial

"transaction_type: "derivative""

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

Form 4 Insider Transactions: What Each Field Means →

04/20/2026 - 05:38 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)
04/16/2026

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⁾	04/16/2026		S		15,866		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$81.133⁽²⁾	39,286,920	D
American Depositary Shares, no par value	⁽¹⁾	04/16/2026		S		529		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$81.604⁽³⁾	39,286,391	D
American Depositary Shares, no par value	⁽¹⁾	04/17/2026		S		503		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$81.71⁽⁴⁾	39,285,888	D
American Depositary Shares, no par value	⁽¹⁾	04/17/2026		S		5,291		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$82.894⁽⁵⁾	39,280,597	D
American Depositary Shares, no par value	⁽¹⁾	04/17/2026		S		6,790		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$83.841⁽⁶⁾	39,273,807	D
American Depositary Shares, no par value	⁽¹⁾	04/17/2026		S		14,659		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$84.777⁽⁷⁾	39,259,148	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 purchased in multiple transactions at prices ranging from $80.55 to $81.49, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.6 to $81.64, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.23 to $82, 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 purchased 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 purchased in multiple transactions at prices ranging from $82.28 to $83.26, 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 purchased 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 purchased in multiple transactions at prices ranging from $83.34 to $84.335, 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 purchased 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 purchased in multiple transactions at prices ranging from $84.36 to $85.23, 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 purchased 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	04/20/2026
	** 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) director Vyacheslav Kim report?

Vyacheslav Kim reported open-market sales of 43,638 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz. The trades were executed over two days at weighted average prices in the low-to-mid $80 range, according to the Form 4 and its footnotes.

At what prices did Vyacheslav Kim’s Kaspi.kz (KSPI) ADS trades occur?

The filing shows weighted average sale prices, with footnotes describing ranges from about $80.55 to $85.23 per ADS. Each reported line item reflects a weighted average price across multiple trades within the specified range for that transaction.

How many Kaspi.kz (KSPI) ADS does Vyacheslav Kim hold after the reported sales?

After the reported transactions, Vyacheslav Kim directly owned 39,259,148 American Depositary Shares. This figure, shown as total shares following the last transaction, indicates he continues to hold a very large position in Kaspi.kz despite the recent sales.

Are Kaspi.kz (KSPI) American Depositary Shares equivalent to common shares?

Yes. A footnote states that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz. This means the ADS count directly mirrors the number of underlying common shares represented by those depositary receipts.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) trades single-block or multiple transactions?

The Form 4 notes that reported prices are weighted average prices for ADS bought and sold in multiple transactions within specified price ranges. The reporting person offers to provide details for each individual trade price within those ranges upon request.