Does each Kaspi.kz (KSPI) ADS represent a common share of the issuer?

Yes. A footnote explains that each American Depositary Share (ADS) represents one common share of the issuer. This means the 49,213 ADS sold correspond to the same number of underlying Kaspi.kz common shares, aligning ADS and common equity exposure one-for-one.

Kaspi.kz (KSPI) director sells 49,213 ADS in open-market trades

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim sold 49,213 American Depositary Shares (ADS) of the company. The Form 4 shows eight open-market sales between June 16 and June 18, 2026, with weighted average prices generally in the low-to-mid $80s per ADS.

Individual trades ranged from small lots, such as 75 ADS at $83.36, to larger blocks like 16,832 ADS at $81.851. Footnotes note these prices are weighted averages for multiple trades within ranges from $81.3 to $85.53. After these sales, Kim still holds tens of millions of ADS, so the disposals represent a small portion of his reported stake.

Insider Trade Summary 10b5-1

Net Seller: 49,213 shares ($4,108,884)

Net Sell 8 txns

Insider Kim Vyacheslav

Role null

Sold 49,213 shs ($4.11M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	16,832	$81.851	$1.38M
Sale	American Depositary Shares, no par value	1,330	$82.943	$110K
Sale	American Depositary Shares, no par value	75	$83.36	$6K
Sale	American Depositary Shares, no par value	3,776	$83.511	$315K
Sale	American Depositary Shares, no par value	8,455	$84.911	$718K
Sale	American Depositary Shares, no par value	3,502	$85.327	$299K
Sale	American Depositary Shares, no par value	14,728	$84.118	$1.24M
Sale	American Depositary Shares, no par value	515	$84.731	$44K

Holdings After Transaction: American Depositary Shares, no par value — 38,229,499 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 $83.65 to $84.635, 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 $84.69 to $84.77, 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 $83.17 to $84.15, 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 $84.19 to $85.19, 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 $85.2 to $85.53, 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 $81.3 to $82.28, 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 $82.31 to $83.31, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.34 to $83.37, 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 ADS sold: 49,213 ADS Example block sale: 16,832 ADS at $81.851 Price range of sales: $81.3–$85.53 per ADS +1 more

4 metrics

Total ADS sold 49,213 ADS Aggregate across eight open-market sales reported in Form 4

Example block sale 16,832 ADS at $81.851 Open-market sale on June 18, 2026

Price range of sales $81.3–$85.53 per ADS Weighted-average footnote ranges across multiple trades

Post-transaction holdings (example line) 38,262,579 ADS Shares held after a reported sale on June 16, 2026

Key Terms

American Depositary Shares, weighted average price, open-market sale, Form 4, +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.

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.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

derivative transaction financial

""transaction_type": "derivative""

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Form 4 Insider Transactions: What Each Field Means →

06/18/2026 - 09:34 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)
06/16/2026

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⁾	06/16/2026		S			14,728	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.118⁽²⁾	38,262,579	D
American Depositary Shares, no par value	⁽¹⁾	06/16/2026		S			515	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.731⁽³⁾	38,262,064	D
American Depositary Shares, no par value	⁽¹⁾	06/17/2026		S			3,776	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.511⁽⁴⁾	38,258,288	D
American Depositary Shares, no par value	⁽¹⁾	06/17/2026		S			8,455	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.911⁽⁵⁾	38,249,833	D
American Depositary Shares, no par value	⁽¹⁾	06/17/2026		S			3,502	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.327⁽⁶⁾	38,246,331	D
American Depositary Shares, no par value	⁽¹⁾	06/18/2026		S			16,832	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$81.851⁽⁷⁾	38,229,499	D
American Depositary Shares, no par value	⁽¹⁾	06/18/2026		S			1,330	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.943⁽⁸⁾	38,228,169	D
American Depositary Shares, no par value	⁽¹⁾	06/18/2026		S			75	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$83.36⁽⁹⁾	38,228,094	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 $83.65 to $84.635, 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 $84.69 to $84.77, 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 $83.17 to $84.15, 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 $84.19 to $85.19, 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 $85.2 to $85.53, 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 $81.3 to $82.28, 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.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $82.31 to $83.31, 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.

9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $83.34 to $83.37, 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	06/18/2026
	** 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

FAQ

What did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

Director Vyacheslav Kim reported selling 49,213 American Depositary Shares (ADS) of Kaspi.kz in open-market transactions. The sales occurred over several days at weighted average prices in the low-to-mid $80s per ADS, according to the Form 4 disclosure and accompanying footnotes.

How many Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell and over what period?

He sold a total of 49,213 ADS of Kaspi.kz across eight transactions. These open-market sales took place from June 16 to June 18, 2026, with each trade reported separately in the Form 4, including share counts and weighted average sale prices.

At what prices were the Kaspi.kz (KSPI) ADS sales executed?

The reported prices are weighted averages for multiple trades per line item. Footnotes state the ADS were sold in ranges between about $81.3 and $85.53 per share, with specific weighted average prices like $85.327, $84.911, $84.731, $84.118 and $81.851 disclosed.

How large is Vyacheslav Kim’s remaining Kaspi.kz (KSPI) position after these sales?

After the reported transactions, individual lines show post-transaction holdings slightly above 38 million ADS. This indicates the 49,213 ADS sold are a relatively small portion of his disclosed stake, leaving a substantial remaining ownership position in Kaspi.kz.

Were the Kaspi.kz (KSPI) ADS sales single trades or aggregated transactions?

The filing states that the reported prices are weighted averages for multiple trades within specified price ranges. Kim undertakes to provide full details of the number of ADS sold at each individual price within those ranges to the issuer, investors, or SEC staff upon request.