diff --git a/moli-html2md/src/writer.rs b/moli-html2md/src/writer.rs
index fc6a8397ad..6684a58f56 100644
--- a/moli-html2md/src/writer.rs
+++ b/moli-html2md/src/writer.rs
@@ -176,13 +176,10 @@ impl<'a> Writer<'a> {
         if text.is_empty() {
             return;
         }
-        // Adjacent code elements are distinct inline values. A separator is
-        // required in Markdown; otherwise their code-span delimiters touch and
-        // the rendered text is indistinguishable from one joined value.
+        // Adjacent code elements have separate HTML nodes but no text between
+        // them. Markdown code spans would merge or need an invented space.
         if self.code.is_some() {
-            self.flush_code();
-            self.output.push(' ');
-            self.line_digits = None;
+            self.flush_code_html();
         }
         if preformatted {
             if !text.is_empty() {
@@ -460,6 +457,25 @@ impl<'a> Writer<'a> {
         }
     }
 
+    fn flush_code_html(&mut self) {
+        if let Some(code) = self.code.take() {
+            self.output.push_str("<code>");
+            for ch in code.chars() {
+                match ch {
+                    '&' => self.output.push_str("&amp;"),
+                    '<' => self.output.push_str("&lt;"),
+                    '>' => self.output.push_str("&gt;"),
+                    '\\' | '`' | '*' | '_' | '[' | ']' | '|' | '~' => {
+                        self.output.push('\\');
+                        self.output.push(ch);
+                    }
+                    _ => self.output.push(ch),
+                }
+            }
+            self.output.push_str("</code>");
+            self.line_digits = None;
+        }
+    }
 }
 
 fn is_punctuation(ch: char) -> bool {
diff --git a/moli-html2md/tests/conversion.rs b/moli-html2md/tests/conversion.rs
index 7523826777..ad98e53ba2 100644
--- a/moli-html2md/tests/conversion.rs
+++ b/moli-html2md/tests/conversion.rs
@@ -156,7 +156,7 @@ fn keeps_adjacent_code_elements_distinct_and_chooses_safe_delimiters() {
     dom.text(0, "after");
     assert_eq!(
         rendered_html(&convert(&dom, 0)),
-        "<p><code>a`</code> <code>`b</code> <code>`</code> after</p>\n"
+        "<p><code>a`</code><code>`b</code> <code>`</code> after</p>\n"
     );
 }
 
diff --git a/moli-html2md/tests/regressions.rs b/moli-html2md/tests/regressions.rs
index 22b3c324e3..9b6ce3e8d0 100644
--- a/moli-html2md/tests/regressions.rs
+++ b/moli-html2md/tests/regressions.rs
@@ -147,10 +147,9 @@ fn normal_code_moves_unicode_boundary_spaces_outside_delimiters() {
 #[test]
 fn adjacent_code_elements_keep_distinct_values() {
     let html = "<div><code>name</code><code>string</code></div>";
-    assert_eq!(markdown(html, false), "`name` `string`");
     assert_eq!(
         rendered_html(&markdown(html, false)),
-        "<p><code>name</code> <code>string</code></p>\n"
+        "<p><code>name</code><code>string</code></p>\n"
     );
     assert_eq!(
         markdown("<code>first</code>suffix<code>second</code>", false),
@@ -166,7 +165,7 @@ fn empty_code_between_values_does_not_join_or_invent_code_text() {
             let result = markdown(&source, preformatted);
             assert_eq!(
                 rendered_html(&result),
-                "<p><code>name</code> <code>string</code></p>\n",
+                "<p><code>name</code><code>string</code></p>\n",
                 "{source}, preformatted={preformatted}: {result}"
             );
         }