diff --git a/NEWS b/NEWS
index ddef1a504..2db47c538 100644
--- a/NEWS
+++ b/NEWS
@@ -3,6 +3,11 @@ For full details, see the git log at: https://github.com/ksh93/ksh
 
 Any uppercase BUG_* names are modernish shell bug IDs.
 
+2021-02-11:
+
+- Fixed a bug that caused ksh to lose track of all running background jobs if
+  a shared-state command substitution of the form v=${ cmd; } was used twice.
+
 2021-02-05:
 
 - Fixed a longstanding bug that caused redirections that store a file
diff --git a/src/cmd/ksh93/include/version.h b/src/cmd/ksh93/include/version.h
index d51aa3a19..ffc1fd2c2 100644
--- a/src/cmd/ksh93/include/version.h
+++ b/src/cmd/ksh93/include/version.h
@@ -20,7 +20,7 @@
 
 #define SH_RELEASE_FORK	"93u+m"		/* only change if you develop a new ksh93 fork */
 #define SH_RELEASE_SVER	"1.0.0-alpha"	/* semantic version number: https://semver.org */
-#define SH_RELEASE_DATE	"2021-02-05"	/* must be in this format for $((.sh.version)) */
+#define SH_RELEASE_DATE	"2021-02-11"	/* must be in this format for $((.sh.version)) */
 #define SH_RELEASE_CPYR	"(c) 2020-2021 Contributors to ksh " SH_RELEASE_FORK
 
 /* Scripts sometimes field-split ${.sh.version}, so don't change amount of whitespace. */
diff --git a/src/cmd/ksh93/sh/subshell.c b/src/cmd/ksh93/sh/subshell.c
index 04053f496..e48a242f9 100644
--- a/src/cmd/ksh93/sh/subshell.c
+++ b/src/cmd/ksh93/sh/subshell.c
@@ -752,7 +752,7 @@ Sfio_t *sh_subshell(Shell_t *shp,Shnode_t *t, volatile int flags, int comsub)
 	path_delete((Pathcomp_t*)shp->pathlist);
 	shp->pathlist = (void*)sp->pathlist;
 	job_subrestore(sp->jobs);
-	shp->jobenv = savecurenv;
+	shp->curenv = shp->jobenv = savecurenv;
 	job.curpgid = savejobpgid;
 	job.exitval = saveexitval;
 	shp->bckpid = sp->bckpid;
@@ -794,7 +794,6 @@ Sfio_t *sh_subshell(Shell_t *shp,Shnode_t *t, volatile int flags, int comsub)
 		if(n>0)
 			memset(&shp->st.trapcom[savst.trapmax],0,n*sizeof(char*));
 		shp->st = savst;
-		shp->curenv = savecurenv;
 		shp->st.otrap = 0;
 		if(nsig)
 		{
diff --git a/src/cmd/ksh93/tests/jobs.sh b/src/cmd/ksh93/tests/jobs.sh
new file mode 100755
index 000000000..f8fe9adc3
--- /dev/null
+++ b/src/cmd/ksh93/tests/jobs.sh
@@ -0,0 +1,44 @@
+########################################################################
+#                                                                      #
+#              This file is part of the ksh 93u+m package              #
+#             Copyright (c) 2021 Contributors to ksh 93u+m             #
+#                    <https://github.com/ksh93/ksh>                    #
+#                      and is licensed under the                       #
+#                 Eclipse Public License, Version 1.0                  #
+#                                                                      #
+#                A copy of the License is available at                 #
+#          http://www.eclipse.org/org/documents/epl-v10.html           #
+#         (with md5 checksum b35adb5213ca9657e911e9befb180842)         #
+#                                                                      #
+#                  Martijn Dekker <martijn@inlv.org>                   #
+#                                                                      #
+########################################################################
+function err_exit
+{
+	print -u2 -n "\t"
+	print -u2 -r "${Command}[$1]: ${@:2}"
+	let Errors++
+}
+alias err_exit='err_exit $LINENO'
+
+Command=${0##*/}
+integer Errors=0
+
+[[ -d $tmp && -w $tmp && $tmp == "$PWD" ]] || { err\_exit "$LINENO" '$tmp not set; run this from shtests. Aborting.'; exit 1; }
+
+# All the tests here should run with job control on
+set -o monitor
+
+# ======
+# Before 2021-02-11, using a shared-state ${ command substitution; } twice caused ksh to lose track of all running jobs
+sleep 1 & p1=$!
+sleep 2 & p2=$!
+j1=${ jobs; }
+[[ $j1 == $'[2] +  Running '*$'\n[1] -  Running '* ]] || err_exit "sleep jobs not registered (got $(printf %q "$j1"))"
+: ${ :; } ${ :; }
+j2=${ jobs; }
+kill $p1 $p2
+[[ $j2 == "$j1" ]] || err_exit "jobs lost after shared-state command substitution ($(printf %q "$j2") != $(printf %q "$j1"))"
+
+# ======
+exit $((Errors<125?Errors:125))