diff --git a/lib/index.js b/lib/index.js
index f2ce4d4..1de6fda 100644
--- a/lib/index.js
+++ b/lib/index.js
@@ -772,7 +772,9 @@ function containerFlow(parent, state, info) {
 function inferDepth(state) {
   let depth = 0
 
-  for (const x of state.stack) {
+  for (let i = state.stack.length - 1; i >= 0; i--) {
+    const x = state.stack[i]
+    if (x === 'listItem') break
     if (x === 'mdxJsxFlowElement') {
       depth++
     }
diff --git a/test.js b/test.js
index 7b66b37..ac4e0d0 100644
--- a/test.js
+++ b/test.js
@@ -2549,6 +2549,40 @@ test('roundtrip', async function (t) {
       )
     }
   )
+
+  await t.test('should roundtrip `nested JSXs and lists`', async function () {
+    const source = `<JSX>
+  * list item
+
+    <JSX>
+      * list item
+
+        <JSX>
+          <JSX>
+            * list item
+
+              * list item
+
+                <JSX>
+                  content
+                </JSX>
+
+              <JSX>
+                content
+              </JSX>
+          </JSX>
+        </JSX>
+    </JSX>
+
+  <JSX>
+    <JSX>
+      content
+    </JSX>
+  </JSX>
+</JSX>
+`
+    equal(source, source)
+  })
 })
 
 /**