Kaspi.kz (KSPI) director trims stake with 25,694 ADS open-market sales

Q: What insider transaction did Kaspi.kz (KSPI) director Vyacheslav Kim report?

Vyacheslav Kim reported selling 25,694 ADS of Joint Stock Co Kaspi.kz in open-market trades. The sales occurred in multiple tranches on May 6–7, 2026, and involved American Depositary Shares, each representing one common share of the issuer.

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

After the transactions, Kim directly holds 38,874,933 ADS of Joint Stock Co Kaspi.kz. This post-transaction holding figure comes from the Form 4 data and shows that the 25,694 ADS sold represent a small portion of his reported stake.

Q: What type of security did Kaspi.kz (KSPI) director Vyacheslav Kim sell?

Kim sold American Depositary Shares (ADS), no par value , of Joint Stock Co Kaspi.kz. Each ADS represents one common share of the issuer, as specified in the Form 4 footnotes, and the transactions are classified as open-market sales.

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 25,694 American Depositary Shares (ADS) over two days. On May 6–7, 2026, he sold ADS in several tranches, with reported weighted average prices ranging from about $85.603 to $88.645 per ADS.

After these transactions, he directly holds 38,874,933 ADS, so the sales represent only a small fraction of his reported position.

Insider Trade Summary 10b5-1

Net Seller: 25,694 shares ($2,236,333)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 25,694 shs ($2.24M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	6,347	$86.657	$550K
Sale	American Depositary Shares, no par value	4,733	$87.786	$415K
Sale	American Depositary Shares, no par value	3,962	$88.645	$351K
Sale	American Depositary Shares, no par value	3,903	$85.603	$334K
Sale	American Depositary Shares, no par value	3,895	$86.415	$337K
Sale	American Depositary Shares, no par value	2,854	$87.219	$249K

Holdings After Transaction: American Depositary Shares, no par value — 38,883,628 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 $85.01 to $86.01, 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 $86.03 to $87.01, 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 $87.04 to $87.51, 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 $86.23 to $87.23, 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 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 $87.3 to $88.28, 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 $88.31 to $89, 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: 25,694 ADS Post-sale holdings: 38,874,933 ADS Highest reported weighted avg price: $88.645 per ADS +3 more

6 metrics

ADS sold 25,694 ADS Net ADS sold across six open-market transactions

Post-sale holdings 38,874,933 ADS Direct holdings after latest reported transaction

Highest reported weighted avg price $88.645 per ADS Weighted average sale price for one May 7, 2026 tranche

Lowest reported weighted avg price $85.603 per ADS Weighted average sale price for one May 6, 2026 tranche

Overall price range $85.01–$89.00 Footnote ranges for sale prices across all tranches

Transaction dates May 6–7, 2026 Dates of six open-market ADS sale transactions

Key Terms

American Depositary Shares, open-market sale, weighted average price, net-sell, +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" for each transaction"

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.

net-sell financial

"transactionSummary shows netBuySellDirection as "net-sell"."

Form 4 Insider Transactions: What Each Field Means →

05/08/2026 - 06:34 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)
05/06/2026

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⁾	05/06/2026		S			3,903	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.603⁽²⁾	38,896,724	D
American Depositary Shares, no par value	⁽¹⁾	05/06/2026		S			3,895	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.415⁽³⁾	38,892,829	D
American Depositary Shares, no par value	⁽¹⁾	05/06/2026		S			2,854	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.219⁽⁴⁾	38,889,975	D
American Depositary Shares, no par value	⁽¹⁾	05/07/2026		S			6,347	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.657⁽⁵⁾	38,883,628	D
American Depositary Shares, no par value	⁽¹⁾	05/07/2026		S			4,733	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.786⁽⁶⁾	38,878,895	D
American Depositary Shares, no par value	⁽¹⁾	05/07/2026		S			3,962	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.645⁽⁷⁾	38,874,933	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 $85.01 to $86.01, 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 $86.03 to $87.01, 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 $87.04 to $87.51, 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 $86.23 to $87.23, 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 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 $87.3 to $88.28, 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 $88.31 to $89, 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	05/08/2026
	** 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 selling 25,694 ADS of Joint Stock Co Kaspi.kz in open-market trades. The sales occurred in multiple tranches on May 6–7, 2026, and involved American Depositary Shares, each representing one common share of the issuer.

Over what dates did Vyacheslav Kim’s Kaspi.kz (KSPI) ADS sales occur?

The reported ADS sales took place on May 6 and May 7, 2026. Across these two days, Kim executed six open-market sale transactions in Kaspi.kz American Depositary Shares at various weighted average prices disclosed in the filing footnotes.

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

After the transactions, Kim directly holds 38,874,933 ADS of Joint Stock Co Kaspi.kz. This post-transaction holding figure comes from the Form 4 data and shows that the 25,694 ADS sold represent a small portion of his reported stake.

What prices were received in Vyacheslav Kim’s Kaspi.kz (KSPI) ADS sales?

The sales used weighted average prices between about $85.603 and $88.645 per ADS. Footnotes explain each reported price is a weighted average for multiple trades, with detailed price ranges from $85.01 up to $89 across the different tranches.

What type of security did Kaspi.kz (KSPI) director Vyacheslav Kim sell?

Kim sold American Depositary Shares (ADS), no par value, of Joint Stock Co Kaspi.kz. Each ADS represents one common share of the issuer, as specified in the Form 4 footnotes, and the transactions are classified as open-market sales.

How many separate open-market sale transactions did Kaspi.kz (KSPI) report for Vyacheslav Kim?

The Form 4 lists six separate open-market sale transactions in Kaspi.kz ADS. These occurred over two consecutive days, with three tranches on May 6, 2026, and three additional tranches on May 7, 2026, according to the transaction table.