[SCHEDULE 13G/A] Joint Stock Company Kaspi.kz SEC Filing

Rhea-AI Filing Summary

Vyacheslav Kim reports beneficial ownership of 40,670,650 common shares (each represented by one ADS) of Joint Stock Company Kaspi.kz, representing 21.3% of the outstanding common shares based on 190,784,522 shares outstanding as of June 30, 2025. The filing states Mr. Kim has sole voting and sole dispositive power over all 40,670,650 shares and no shared voting or dispositive power.

The document identifies the issuer (Kaspi.kz) and its principal office in Almaty, Kazakhstan, and provides the CUSIP 48581R205. Other items in the schedule are marked not applicable.

Positive

• Material stake disclosed: Ownership of 40,670,650 shares representing 21.3% of the class provides clear, material information to the market.
• Sole voting and dispositive power: The filer states exclusive control over all reported shares, removing ambiguity about voting authority.

Negative

• High ownership concentration: A single individual holds 21.3%, which may raise governance and minority influence concerns.
• No shared or group affiliation reported: The filing shows 0 shared voting and dispositive power, indicating centralized control without disclosed collaborating parties.

Insights

Financial Analyst

TL;DR: Major individual stake disclosed — 21.3% ownership with full voting and dispositive control over 40.67M shares.

The filing shows a single individual holding a material minority position in KSPI, with sole authority to vote and dispose of the reported 40,670,650 ADSs. For investors, a 21.3% stake is large enough to influence corporate decisions and board dynamics, but the filing does not indicate any change in holdings, transactions, or intent. No shared ownership or group affiliation is reported, which concentrates control in one person.

Corporate Governance Expert

TL;DR: Significant concentrated ownership disclosed; governance implications depend on context not provided in this filing.

The report documents concentrated ownership with sole voting and dispositive power and zero shared power. That concentration can affect minority shareholder influence and strategic outcomes. The schedule does not disclose any agreements, changes in control attempts, or intentions, so governance impact cannot be fully assessed from this filing alone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Joint Stock Company Kaspi.kz

(Name of Issuer)

Common Shares, no par value American Depositary Shares, each representing one Common Share, no par value

(Title of Class of Securities)

48581R205

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 48581R205

1

Names of Reporting Persons

Vyacheslav Kim

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

KAZAKSTAN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 40,670,650.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 40,670,650.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,670,650.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

21.3 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Joint Stock Company Kaspi.kz
(b)	Address of issuer's principal executive offices: 154A Nauryzbai Batyr Street Almaty, 050013, Kazakhstan
Item 2.
(a)	Name of person filing: Vyacheslav Kim
(b)	Address or principal business office or, if none, residence: c/o Joint Stock Company Kaspi.kz 154A Nauryzbai Batyr Street Almaty, 050013, Kazakhstan
(c)	Citizenship: See the response to Item 4 of the attached cover page.
(d)	Title of class of securities: Common Shares, no par value American Depositary Shares, each representing one Common Share, no par value
(e)	CUSIP No.: 48581R205
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 40,670,650 Common Shares. This amount reflects Common Shares underlying 40,670,650 ADSs held by the Reporting Person.
(b)	Percent of class: 21.3% (percentage ownership is calculated based on 190,784,522 Common Shares outstanding as of June 30, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 40,670,650 Common Shares.
	(ii) Shared power to vote or to direct the vote: 0 Common Shares.
	(iii) Sole power to dispose or to direct the disposition of: 40,670,650 Common Shares.
	(iv) Shared power to dispose or to direct the disposition of: 0 Common Shares.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vyacheslav Kim

Signature:	/s/ Vyacheslav Kim
Name/Title:	Vyacheslav Kim
Date:	08/12/2025

FAQ

Who filed the Schedule 13G/A for Kaspi.kz (KSPI)?

The filing was made by Vyacheslav Kim as the reporting person.

How many Kaspi.kz (KSPI) shares does Vyacheslav Kim report owning?

He reports beneficial ownership of 40,670,650 common shares (ADSs).

What percentage of KSPI does the reported holding represent?

The reported shares represent 21.3% of the class based on 190,784,522 common shares outstanding as of June 30, 2025.

Does Vyacheslav Kim have voting or dispositive power over the shares?

Yes. The filing states he has sole voting power and sole dispositive power over all 40,670,650 shares and 0 shared power.

What is the CUSIP for the Kaspi.kz securities reported?

The CUSIP reported in the filing is 48581R205.