diff --git a/backend.native/tests/framework/values/values.swift b/backend.native/tests/framework/values/values.swift
index 69f6183795e..be34a30bee1 100644
--- a/backend.native/tests/framework/values/values.swift
+++ b/backend.native/tests/framework/values/values.swift
@@ -805,7 +805,7 @@ func testWeakRefs0(frozen: Bool) throws {
     try test1()
     try test2()
     try test3()
-    // try test4()
+    try test4()
 }
 
 var falseFlag = false
diff --git a/runtime/src/main/cpp/Memory.cpp b/runtime/src/main/cpp/Memory.cpp
index 187e3738343..896fb662b57 100644
--- a/runtime/src/main/cpp/Memory.cpp
+++ b/runtime/src/main/cpp/Memory.cpp
@@ -989,6 +989,11 @@ void traverseStronglyConnectedComponent(ContainerHeader* start,
   }
 }
 
+template <bool Atomic>
+inline bool tryIncrementRC(ContainerHeader* container) {
+  return container->tryIncRefCount<Atomic>();
+}
+
 #if !USE_GC
 
 template <bool Atomic>
@@ -1377,6 +1382,29 @@ inline void addHeapRef(const ObjHeader* header) {
     addHeapRef(const_cast<ContainerHeader*>(container));
 }
 
+inline bool tryAddHeapRef(ContainerHeader* container) {
+  switch (container->tag()) {
+    case CONTAINER_TAG_STACK:
+      break;
+    case CONTAINER_TAG_LOCAL:
+      if (!tryIncrementRC</* Atomic = */ false>(container)) return false;
+      break;
+    /* case CONTAINER_TAG_FROZEN: case CONTAINER_TAG_SHARED: */
+    default:
+      if (!tryIncrementRC</* Atomic = */ true>(container)) return false;
+      break;
+  }
+
+  MEMORY_LOG("AddHeapRef %p: rc=%d\n", container, container->refCount() - 1)
+  UPDATE_ADDREF_STAT(memoryState, container, needAtomicAccess(container), 0)
+  return true;
+}
+
+inline bool tryAddHeapRef(const ObjHeader* header) {
+  auto* container = header->container();
+  return (container != nullptr) ? tryAddHeapRef(container) : true;
+}
+
 template <bool Strict>
 inline void releaseHeapRef(ContainerHeader* container) {
   MEMORY_LOG("ReleaseHeapRef %p: rc=%d\n", container, container->refCount())
@@ -2601,6 +2629,10 @@ ArrayHeader* ArenaContainer::PlaceArray(const TypeInfo* type_info, uint32_t coun
 extern "C" {
 
 // Private memory interface.
+bool TryAddHeapRef(const ObjHeader* object) {
+  return tryAddHeapRef(object);
+}
+
 void ReleaseHeapRefStrict(const ObjHeader* object) {
   releaseHeapRef<true>(const_cast<ObjHeader*>(object));
 }
diff --git a/runtime/src/main/cpp/Memory.h b/runtime/src/main/cpp/Memory.h
index 9e644628f35..fdb7dfca0db 100644
--- a/runtime/src/main/cpp/Memory.h
+++ b/runtime/src/main/cpp/Memory.h
@@ -20,6 +20,7 @@
 #include "KAssert.h"
 #include "Common.h"
 #include "TypeInfo.h"
+#include "Atomic.h"
 
 typedef enum {
   // Those bit masks are applied to refCount_ field.
@@ -136,6 +137,32 @@ struct ContainerHeader {
 #endif
   }
 
+  template <bool Atomic>
+  inline bool tryIncRefCount() {
+    if (Atomic) {
+      while (true) {
+        uint32_t currentRefCount_ = refCount_;
+        if (((int)currentRefCount_ >> CONTAINER_TAG_SHIFT) > 0) {
+          if (compareAndSet(&refCount_, currentRefCount_, currentRefCount_ + CONTAINER_TAG_INCREMENT)) {
+            return true;
+          }
+        } else {
+          return false;
+        }
+      }
+    } else {
+      // Note: tricky case here is doing this during cycle collection.
+      // This can actually happen due to deallocation hooks.
+      // Fortunately by this point reference counts have been made precise again.
+      if (refCount() > 0) {
+        incRefCount</* Atomic = */ false>();
+        return true;
+      } else {
+        return false;
+      }
+    }
+  }
+
   template <bool Atomic>
   inline int decRefCount() {
 #ifdef KONAN_NO_THREADS
diff --git a/runtime/src/main/cpp/MemoryPrivate.hpp b/runtime/src/main/cpp/MemoryPrivate.hpp
index 5f28c17b8ba..aa43e61ca97 100644
--- a/runtime/src/main/cpp/MemoryPrivate.hpp
+++ b/runtime/src/main/cpp/MemoryPrivate.hpp
@@ -21,6 +21,8 @@
 
 extern "C" {
 
+bool TryAddHeapRef(const ObjHeader* object);
+
 MODEL_VARIANTS(void, ReleaseHeapRef, const ObjHeader* object);
 
 void DeinitInstanceBody(const TypeInfo* typeInfo, void* body);
diff --git a/runtime/src/main/cpp/MemorySharedRefs.cpp b/runtime/src/main/cpp/MemorySharedRefs.cpp
index 719d9c2e3ee..fab850cf73a 100644
--- a/runtime/src/main/cpp/MemorySharedRefs.cpp
+++ b/runtime/src/main/cpp/MemorySharedRefs.cpp
@@ -75,14 +75,15 @@ void BackRefFromAssociatedObject::addRef() {
 }
 
 bool BackRefFromAssociatedObject::tryAddRef() {
+  // Suboptimal but simple:
   ObjHeader* obj = this->ref();
-  if (!obj->has_meta_object()) {
-    // Then object is being deallocated.
-    return false;
-  } else {
-    this->addRef();
-    return true;
-  }
+
+  if (!TryAddHeapRef(obj)) return false;
+  this->addRef();
+  ReleaseHeapRef(obj); // Balance TryAddHeapRef.
+  // TODO: consider optimizing for non-shared objects.
+
+  return true;
 }
 
 void BackRefFromAssociatedObject::releaseRef() {