diff --git a/crates/fidc-core/src/risk_control.rs b/crates/fidc-core/src/risk_control.rs
index 801ffb6..44daf88 100644
--- a/crates/fidc-core/src/risk_control.rs
+++ b/crates/fidc-core/src/risk_control.rs
@@ -515,6 +515,13 @@ impl ChinaAShareRiskControl {
         ) {
             return Some(reason);
         }
+        // When instrument metadata is unavailable, an explicit candidate
+        // lifecycle fact must still protect the sell path.  Otherwise a
+        // `inactive_or_delisted` candidate could fall through to a synthetic
+        // sell price and violate the unresolved-delisted holding contract.
+        if let Some(reason) = candidate_active_status_rejection(candidate, config, RiskCheckScope::Sell) {
+            return Some(reason);
+        }
         if config.static_rules.reject_paused_sell && (market.paused || candidate.is_paused) {
             return Some("paused");
         }
@@ -1138,6 +1145,29 @@ mod tests {
         );
     }
 
+    #[test]
+    fn sell_rejects_explicit_candidate_inactive_status_without_instrument_row() {
+        let date = d(2025, 1, 2);
+        let mut candidate = candidate(date);
+        candidate.allow_sell = true;
+        candidate.risk_level_code = Some("inactive_or_delisted".to_string());
+        let market = market(date, 6.27, 5.63);
+        let position = position(d(2024, 12, 31));
+
+        assert_eq!(
+            ChinaAShareRiskControl::sell_rejection_reason_with_config(
+                date,
+                &candidate,
+                &market,
+                None,
+                Some(&position),
+                6.27,
+                &FidcRiskControlConfig::default(),
+            ),
+            Some("inactive_or_delisted")
+        );
+    }
+
     #[test]
     fn missing_risk_state_default_selection_ignores_allow_flags_but_buy_rejects() {
         let date = d(2025, 1, 2);