--- a/xen/arch/x86/include/asm/domain.h
+++ b/xen/arch/x86/include/asm/domain.h
@@ -116,6 +116,9 @@ struct shadow_domain {
     /* OOS */
     bool_t oos_active;
 
+    /* Domain is in the process of leaving SHOPT_LINUX_L3_TOPLEVEL mode. */
+    bool unpinning_l3;
+
 #ifdef CONFIG_HVM
     /* Has this domain ever used HVMOP_pagetable_dying? */
     bool_t pagetable_dying_op;
--- a/xen/arch/x86/mm/shadow/common.c
+++ b/xen/arch/x86/mm/shadow/common.c
@@ -2302,29 +2302,6 @@ void shadow_prepare_page_type_change(str
 
 /**************************************************************************/
 
-/* Reset the up-pointers of every L3 shadow to 0.
- * This is called when l3 shadows stop being pinnable, to clear out all
- * the list-head bits so the up-pointer field is properly inititalised. */
-static int cf_check sh_clear_up_pointer(
-    struct vcpu *v, mfn_t smfn, mfn_t unused)
-{
-    mfn_to_page(smfn)->up = 0;
-    return 0;
-}
-
-void sh_reset_l3_up_pointers(struct vcpu *v)
-{
-    static const hash_vcpu_callback_t callbacks[SH_type_unused] = {
-        [SH_type_l3_64_shadow] = sh_clear_up_pointer,
-    };
-
-    HASH_CALLBACKS_CHECK(SHF_L3_64);
-    hash_vcpu_foreach(v, SHF_L3_64, callbacks, INVALID_MFN);
-}
-
-
-/**************************************************************************/
-
 static void sh_update_paging_modes(struct vcpu *v)
 {
     struct domain *d = v->domain;
--- a/xen/arch/x86/mm/shadow/multi.c
+++ b/xen/arch/x86/mm/shadow/multi.c
@@ -960,6 +960,8 @@ sh_make_shadow(struct vcpu *v, mfn_t gmf
         }
         if ( l4count > 2 * d->max_vcpus )
         {
+            d->arch.paging.shadow.unpinning_l3 = true;
+
             /* Unpin all the pinned l3 tables, and don't pin any more. */
             page_list_for_each_safe(sp, t, &d->arch.paging.shadow.pinned_shadows)
             {
@@ -967,7 +969,8 @@ sh_make_shadow(struct vcpu *v, mfn_t gmf
                     sh_unpin(d, page_to_mfn(sp));
             }
             d->arch.paging.shadow.opt_flags &= ~SHOPT_LINUX_L3_TOPLEVEL;
-            sh_reset_l3_up_pointers(v);
+
+            d->arch.paging.shadow.unpinning_l3 = false;
         }
     }
 #endif
--- a/xen/arch/x86/mm/shadow/private.h
+++ b/xen/arch/x86/mm/shadow/private.h
@@ -497,11 +497,6 @@ void shadow_blow_tables(struct domain *d
  */
 int sh_remove_all_mappings(struct domain *d, mfn_t gmfn, gfn_t gfn);
 
-/* Reset the up-pointers of every L3 shadow to 0.
- * This is called when l3 shadows stop being pinnable, to clear out all
- * the list-head bits so the up-pointer field is properly inititalised. */
-void sh_reset_l3_up_pointers(struct vcpu *v);
-
 /******************************************************************************
  * Flags used in the return value of the shadow_set_lXe() functions...
  */
@@ -721,7 +716,7 @@ static inline void sh_unpin(struct domai
 {
     struct page_list_head tmp_list, *pin_list;
     struct page_info *sp, *next;
-    unsigned int i, head_type;
+    unsigned int i, head_type, sz;
 
     ASSERT(mfn_valid(smfn));
     sp = mfn_to_page(smfn);
@@ -733,20 +728,30 @@ static inline void sh_unpin(struct domai
         return;
     sp->u.sh.pinned = 0;
 
-    /* Cut the sub-list out of the list of pinned shadows,
-     * stitching it back into a list fragment of its own. */
+    sz = shadow_size(head_type);
+
+    /*
+     * Cut the sub-list out of the list of pinned shadows, stitching
+     * multi-page shadows back into a list fragment of their own.
+     */
     pin_list = &d->arch.paging.shadow.pinned_shadows;
     INIT_PAGE_LIST_HEAD(&tmp_list);
-    for ( i = 0; i < shadow_size(head_type); i++ )
+    for ( i = 0; i < sz; i++ )
     {
         ASSERT(sp->u.sh.type == head_type);
         ASSERT(!i || !sp->u.sh.head);
         next = page_list_next(sp, pin_list);
         page_list_del(sp, pin_list);
-        page_list_add_tail(sp, &tmp_list);
+        if ( sz > 1 )
+            page_list_add_tail(sp, &tmp_list);
+        else if ( head_type == SH_type_l3_64_shadow &&
+                  d->arch.paging.shadow.unpinning_l3 )
+            sp->up = 0;
         sp = next;
     }
-    sh_terminate_list(&tmp_list);
+
+    if ( sz > 1 )
+        sh_terminate_list(&tmp_list);
 
     sh_put_ref(d, smfn, 0);
 }
