diff --git a/crates/fidc-core/src/risk_control.rs b/crates/fidc-core/src/risk_control.rs
index 825fb59..5b19151 100644
--- a/crates/fidc-core/src/risk_control.rs
+++ b/crates/fidc-core/src/risk_control.rs
@@ -381,7 +381,47 @@ impl ChinaAShareRiskControl {
                     || config.static_rules.reject_one_yuan_buy
                     || config.static_rules.respect_allow_buy_sell
             }
-            RiskCheckScope::Sell => false,
+            RiskCheckScope::Sell => {
+                let fields = missing_risk_state_fields(code);
+                if fields.is_empty() {
+                    return config.static_rules.reject_paused_sell
+                        || config.static_rules.reject_inactive_sell
+                        || config.static_rules.respect_allow_buy_sell
+                        || config.static_rules.reject_lower_limit_sell;
+                }
+                (config.static_rules.reject_paused_sell
+                    && fields.iter().any(|field| {
+                        matches!(
+                            field.as_str(),
+                            "paused" | "is_paused" | "suspended" | "is_suspended"
+                        )
+                    }))
+                    || (config.static_rules.reject_inactive_sell
+                        && fields.iter().any(|field| {
+                            matches!(
+                                field.as_str(),
+                                "active_status"
+                                    | "is_active"
+                                    | "inactive_status"
+                                    | "is_inactive"
+                                    | "is_delisted"
+                                    | "listed_date"
+                                    | "delisted_date"
+                            )
+                        }))
+                    || (config.static_rules.respect_allow_buy_sell
+                        && fields.iter().any(|field| field == "allow_sell"))
+                    || (config.static_rules.reject_lower_limit_sell
+                        && fields.iter().any(|field| {
+                            matches!(
+                                field.as_str(),
+                                "lower_limit"
+                                    | "lower_limit_price"
+                                    | "low_limit"
+                                    | "low_limit_price"
+                            )
+                        }))
+            }
         }
     }
 
@@ -466,6 +506,9 @@ impl ChinaAShareRiskControl {
         ) {
             return Some(reason);
         }
+        if Self::missing_risk_state_rejected(candidate, config, RiskCheckScope::Sell) {
+            return Some("missing_risk_state");
+        }
         if config.static_rules.reject_paused_sell && (market.paused || candidate.is_paused) {
             return Some("paused");
         }
@@ -496,6 +539,18 @@ impl ChinaAShareRiskControl {
     }
 }
 
+fn missing_risk_state_fields(code: &str) -> Vec<String> {
+    let Some((_, fields)) = code.split_once(':') else {
+        return Vec::new();
+    };
+    fields
+        .split(|ch| matches!(ch, ',' | ';' | '|' | ' '))
+        .map(str::trim)
+        .filter(|value| !value.is_empty())
+        .map(|value| value.to_ascii_lowercase())
+        .collect()
+}
+
 #[derive(Debug, Clone, Copy, PartialEq, Eq, Serialize, Deserialize)]
 #[serde(rename_all = "snake_case")]
 pub enum RiskCheckScope {
@@ -644,7 +699,7 @@ mod tests {
     fn missing_risk_state_rejects_selection_and_buy_when_static_filters_enabled() {
         let date = d(2025, 1, 2);
         let mut candidate = candidate(date);
-        candidate.risk_level_code = Some("missing_risk_state:is_st,paused,allow_buy".to_string());
+        candidate.risk_level_code = Some("missing_risk_state:is_st,allow_buy".to_string());
         let market = market(date, 6.27, 5.63);
 
         let selection_reason =
@@ -665,6 +720,58 @@ mod tests {
         assert_eq!(sell_reason, None);
     }
 
+    #[test]
+    fn missing_risk_state_rejects_sell_when_sell_risk_facts_are_missing() {
+        let date = d(2025, 1, 2);
+        let mut candidate = candidate(date);
+        candidate.allow_sell = true;
+        candidate.risk_level_code = Some(
+            "missing_risk_state:paused,active_status,allow_sell,lower_limit_price".to_string(),
+        );
+        let market = market(date, 6.27, 5.63);
+        let position = position(d(2024, 12, 31));
+
+        let reason = ChinaAShareRiskControl::sell_rejection_reason(
+            date,
+            &candidate,
+            &market,
+            None,
+            Some(&position),
+            6.27,
+        );
+
+        assert_eq!(reason, Some("missing_risk_state"));
+    }
+
+    #[test]
+    fn missing_risk_state_sell_can_be_relaxed_by_disabling_sell_static_filters() {
+        let date = d(2025, 1, 2);
+        let mut candidate = candidate(date);
+        candidate.allow_sell = true;
+        candidate.risk_level_code = Some(
+            "missing_risk_state:paused,active_status,allow_sell,lower_limit_price".to_string(),
+        );
+        let market = market(date, 6.27, 5.63);
+        let position = position(d(2024, 12, 31));
+        let mut config = FidcRiskControlConfig::default();
+        config.static_rules.reject_paused_sell = false;
+        config.static_rules.reject_inactive_sell = false;
+        config.static_rules.respect_allow_buy_sell = false;
+        config.static_rules.reject_lower_limit_sell = false;
+
+        let reason = ChinaAShareRiskControl::sell_rejection_reason_with_config(
+            date,
+            &candidate,
+            &market,
+            None,
+            Some(&position),
+            6.27,
+            &config,
+        );
+
+        assert_eq!(reason, None);
+    }
+
     #[test]
     fn missing_risk_state_can_be_relaxed_by_disabling_static_filters() {
         let date = d(2025, 1, 2);