diff --git a/pyproject.toml b/pyproject.toml
index e0fb06c..5471985 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -12,7 +12,7 @@ requires-python = ">=3.10"
 dependencies = [
     "pyarrow>=14.0",
     "jsonschema>=4.20",
-    "quant-data-kit @ git+https://github.com/PureSaber/quant-data-kit.git@5b68af566ee1d47f62caa5449719912df6e17983",
+    "quant-data-kit @ git+https://github.com/PureSaber/quant-data-kit.git@fbbad913c9e592fdcbf8b473c4230e2da8594cef",
 ]
 
 [project.optional-dependencies]
diff --git a/requirements.lock b/requirements.lock
index 571f9d9..40a6ad3 100644
--- a/requirements.lock
+++ b/requirements.lock
@@ -60,7 +60,7 @@ pytz==2026.3.post1
     # via pandas
 pyyaml==6.0.3
     # via quant-data-kit
-quant-data-kit @ git+https://github.com/PureSaber/quant-data-kit.git@5b68af566ee1d47f62caa5449719912df6e17983
+quant-data-kit @ git+https://github.com/PureSaber/quant-data-kit.git@fbbad913c9e592fdcbf8b473c4230e2da8594cef
     # via quant-execution (pyproject.toml)
 referencing==0.37.0
     # via
diff --git a/src/quant_execution/ledger.py b/src/quant_execution/ledger.py
index 8fee699..55fb639 100644
--- a/src/quant_execution/ledger.py
+++ b/src/quant_execution/ledger.py
@@ -813,10 +813,19 @@ def _apply(
             transaction = self._translate(event)
             if local_rollback:
                 undo = self._capture_apply_undo(event, transaction, reference_id)
-            if local_rollback:
-                self._post(transaction)
-            else:
-                self._post(transaction, local_rollback=False)
+            # Corporate-action announcements are market events even when this
+            # account holds no eligible shares. Preserve event identity, time and
+            # split state, but do not invent a zero-effect accounting transaction.
+            no_effect_action = isinstance(event, CorporateActionEvent) and not any(
+                posting.amount.units
+                or (posting.quantity_delta is not None and posting.quantity_delta.units)
+                for posting in transaction.postings
+            )
+            if not no_effect_action:
+                if local_rollback:
+                    self._post(transaction)
+                else:
+                    self._post(transaction, local_rollback=False)
             if isinstance(event, Fill):
                 self._fills[event.fill_id] = event
                 self._fill_trading_days[event.fill_id] = trading_day
diff --git a/tests/test_unheld_corporate_action.py b/tests/test_unheld_corporate_action.py
new file mode 100644
index 0000000..63ee594
--- /dev/null
+++ b/tests/test_unheld_corporate_action.py
@@ -0,0 +1,36 @@
+from dataclasses import replace
+
+import pytest
+from conftest import T0, event_fields, fp
+from quant_data_kit import CorporateActionEvent
+from quant_data_kit.exceptions import ValidationError
+from test_ledger import STOCK, mark, stock_spec
+
+from quant_execution.ledger import ExactAccountLedger
+
+
+@pytest.mark.parametrize("ratio", [None, "2"])
+def test_unheld_action_has_no_cash_transaction_but_retains_event_identity(ratio):
+    ledger = ExactAccountLedger(
+        account_id="account",
+        base_currency="CNY",
+        instruments={STOCK: stock_spec()},
+        initial_cash={"CNY": fp("10000")},
+    )
+    ledger.mark(mark(STOCK, "10", 1))
+    event = CorporateActionEvent(
+        **event_fields("unheld-action", STOCK, seconds=2),
+        action_type="split_and_dividend" if ratio else "cash_dividend",
+        effective_date=T0.date(),
+        cash_amount=fp("1"),
+        currency="CNY",
+        ratio=fp(ratio) if ratio else None,
+    )
+    count = len(ledger.transactions)
+    after = ledger.apply(event)
+    assert after.cash_balances["CNY"].to_decimal() == 10000
+    assert after.nav.to_decimal() == 10000
+    assert len(ledger.transactions) == count
+    assert ledger.apply(event) == after
+    with pytest.raises(ValidationError, match="reused"):
+        ledger.apply(replace(event, cash_amount=fp("2")))