Kaspi.kz Statement on Misleading short-seller research
Kaspi.kz has issued a statement in response to a research report published by Culper Research on September 19, 2024. The company strongly refutes the report, describing it as misleading, inaccurate, and misrepresentative of their business operations. Kaspi.kz attributes the increased scrutiny to their status as the first Kazakhstani company to list on Nasdaq, which has heightened their visibility among short sellers. The company emphasizes its established reputation among long-term investors as a testament to its credibility.
Kaspi.kz ha rilasciato una dichiarazione in risposta a un rapporto di ricerca pubblicato da Culper Research il 19 settembre 2024. L'azienda ritiene fermamente di contestare il rapporto, descrivendolo come fuorviante, impreciso e non rappresentativo delle loro operazioni commerciali. Kaspi.kz attribuisce il maggiore scrutinio al suo status di prima azienda kazaka quotata su Nasdaq, il che ha aumentato la loro visibilità tra i venditori allo scoperto. L'azienda sottolinea la sua reputazione consolidata tra gli investitori a lungo termine come prova della sua credibilità.
Kaspi.kz ha emitido una declaración en respuesta a un informe de investigación publicado por Culper Research el 19 de septiembre de 2024. La compañía refuta enérgicamente el informe, describiéndolo como engañoso, inexacto y no representativo de sus operaciones comerciales. Kaspi.kz atribuye el mayor escrutinio a su estatus como primera empresa de Kazajistán en cotizar en Nasdaq, lo que ha aumentado su visibilidad entre los vendedores en corto. La compañía enfatiza su reputación establecida entre los inversores a largo plazo como un testimonio de su credibilidad.
Kaspi.kz는 2024년 9월 19일 Culper Research가 발표한 연구 보고서에 대한 응답으로 성명을 발표했습니다. 회사는 보고서를 강력히 반박합니다, 이를 오해의 소지가 있고 부정확하며 왜곡된 것으로 설명합니다. Kaspi.kz는 나스닥에 상장된 첫 번째 카자흐스탄 기업으로서 그들의 가시성이 공매도자들 사이에서 높아졌다고 주장합니다. 회사는 장기 투자자들 사이에서 확립된 평판이 그들의 신뢰성을 증명한다고 강조합니다.
Kaspi.kz a publié une déclaration en réponse à un rapport de recherche publié par Culper Research le 19 septembre 2024. L'entreprise conteste vigoureusement le rapport, le qualifiant de trompeur, inexact et non représentatif de ses opérations commerciales. Kaspi.kz attribue l'augmentation de la surveillance à son statut d'entreprise kazakhe cotée en premier sur le Nasdaq, ce qui a accru sa visibilité auprès des vendeurs à découvert. L'entreprise souligne sa réputation établie auprès des investisseurs à long terme comme un témoignage de sa crédibilité.
Kaspi.kz hat eine Erklärung als Reaktion auf einen Forschungsbericht veröffentlicht, der am 19. September 2024 von Culper Research veröffentlicht wurde. Das Unternehmen widerspricht dem Bericht entschieden und beschreibt ihn als irreführend, ungenau und nicht repräsentativ für ihre Geschäftstätigkeiten. Kaspi.kz führt die gesteigerte Aufmerksamkeit auf seinen Status als erste kasachische Firma, die an der Nasdaq gelistet ist zurück, was ihre Sichtbarkeit unter Leerverkäufern erhöht hat. Das Unternehmen betont seinen etablierten Ruf unter langfristigen Investoren als Beweis für seine Glaubwürdigkeit.
- First Kazakhstani company to list on Nasdaq
- Target of a potentially damaging short-seller report
Insights
The short-seller report on Kaspi.kz raises concerns, but the company's strong denial suggests confidence in their business model. As a Nasdaq-listed Kazakh company, Kaspi.kz faces increased scrutiny, which is not uncommon for emerging market firms. The lack of specific rebuttals to the report's claims is notable, potentially leaving investors uncertain. However, the company's reference to its reputation implies a track record of transparency and reliability. Short-seller reports can be double-edged, sometimes uncovering genuine issues but also potentially manipulating market sentiment for profit. Investors should exercise caution, conduct thorough due diligence and await more detailed responses from Kaspi.kz before making investment decisions.
Kaspi.kz's situation highlights the challenges faced by companies from emerging markets when listing on major global exchanges. The short-seller report and the company's response create a sentiment battleground that could impact stock volatility. Historically, such conflicts have led to increased trading volumes and price swings. Kaspi.kz's emphasis on its reputation suggests a strategy to leverage its local market dominance and track record to counter international skepticism. This event may serve as a case study for other emerging market companies considering international listings, potentially influencing future cross-border IPO strategies and investor relations approaches in the face of heightened scrutiny.
ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The company is issuing the following statement following the research report published by Culper Research today:
In our view, the report is misleading, inaccurate and misrepresents our business.
Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers.
For those investors who have known us over the years, our reputation speaks for itself.
About Kaspi.kz
Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.
Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.
The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.
Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information david.ferguson@kaspi.kz +44 7427 751 275
Forward-looking statements
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Kaspi.kz. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. Kaspi.kz wish to caution you that these statements are only predictions and that actual events or results may differ materially. Kaspi.kz does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Kaspi.kz, including, among others, general economic conditions, the competitive environment, risks associated with operating in Kazakhstan, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to Kaspi.kz and its respective operations.
FAQ
What did Kaspi.kz (KSPI) say about the Culper Research report on September 19, 2024?
Why does Kaspi.kz (KSPI) believe it has become a target for short sellers?
How does Kaspi.kz (KSPI) respond to the credibility concerns raised by the short-seller report?
