diff --git a/llvm/lib/Transforms/InstCombine/InstCombineShifts.cpp b/llvm/lib/Transforms/InstCombine/InstCombineShifts.cpp
index 4a014ab6e044e5..a19c44026d716d 100644
--- a/llvm/lib/Transforms/InstCombine/InstCombineShifts.cpp
+++ b/llvm/lib/Transforms/InstCombine/InstCombineShifts.cpp
@@ -1504,16 +1504,21 @@ Instruction *InstCombinerImpl::visitLShr(BinaryOperator &I) {
       // able to invert the transform and perf may suffer with an extra mul
       // instruction.
       if (Op0->hasOneUse()) {
-        APInt NewMulC = MulC->lshr(ShAmtC);
-        // if c is divisible by (1 << ShAmtC):
-        // lshr (mul nuw x, MulC), ShAmtC -> mul nuw nsw x, (MulC >> ShAmtC)
-        if (MulC->eq(NewMulC.shl(ShAmtC))) {
-          auto *NewMul =
-              BinaryOperator::CreateNUWMul(X, ConstantInt::get(Ty, NewMulC));
-          assert(ShAmtC != 0 &&
-                 "lshr X, 0 should be handled by simplifyLShrInst.");
-          NewMul->setHasNoSignedWrap(true);
-          return NewMul;
+        assert(ShAmtC != 0 &&
+               "lshr X, 0 should be handled by simplifyLShrInst.");
+        unsigned CommonZeros = std::min(MulC->countr_zero(), ShAmtC);
+        if (CommonZeros != 0) {
+          APInt NewMulC = MulC->lshr(CommonZeros);
+          unsigned NewShAmtC = ShAmtC - CommonZeros;
+
+          // We can reduce expressions such as like lshr (mul nuw x, 6), 2 ->
+          // lshr (mul nuw nsw x, 3), 1
+          auto *NewMul = Builder.CreateMul(X, ConstantInt::get(Ty, NewMulC), "",
+                                           /*NUW=*/true, /*NSW=*/true);
+          auto *NewLshr = BinaryOperator::CreateLShr(
+              NewMul, ConstantInt::get(Ty, NewShAmtC));
+          NewLshr->copyIRFlags(&I); // We can preserve 'exact'-ness.
+          return NewLshr;
         }
       }
     }
@@ -1712,6 +1717,34 @@ Instruction *InstCombinerImpl::visitAShr(BinaryOperator &I) {
       return BinaryOperator::CreateAShr(X, ConstantInt::get(Ty, AmtSum));
     }
 
+    if (match(Op0, m_OneUse(m_NSWMul(m_Value(X), m_APInt(ShOp1))))) {
+      unsigned CommonZeros = std::min(ShOp1->countr_zero(), ShAmt);
+      if (CommonZeros != 0) {
+        APInt NewMulC = ShOp1->ashr(CommonZeros);
+        unsigned NewShAmtC = ShAmt - CommonZeros;
+        // if c is divisible by (1 << ShAmtC):
+        // ashr (mul nsw x, MulC), ShAmtC -> mul nsw x, (MulC >> ShAmtC)
+        if (NewShAmtC == 0) {
+          auto *NewMul =
+              BinaryOperator::CreateNSWMul(X, ConstantInt::get(Ty, NewMulC));
+          NewMul->setHasNoUnsignedWrap(
+              cast<OverflowingBinaryOperator>(Op0)->hasNoUnsignedWrap());
+          return NewMul;
+        }
+
+        // We can reduce expressions such as ashr (mul nsw x, 6), 2 -> ashr (mul
+        // nsw x, 3), 1
+        auto *NewMul = Builder.CreateMul(
+            X, ConstantInt::get(Ty, NewMulC), "",
+            /*NUW*/ cast<OverflowingBinaryOperator>(Op0)->hasNoUnsignedWrap(),
+            /*NSW*/ true);
+        auto *NewAshr =
+            BinaryOperator::CreateAShr(NewMul, ConstantInt::get(Ty, NewShAmtC));
+        NewAshr->copyIRFlags(&I); // We can preserve 'exact'-ness.
+        return NewAshr;
+      }
+    }
+
     if (match(Op0, m_OneUse(m_SExt(m_Value(X)))) &&
         (Ty->isVectorTy() || shouldChangeType(Ty, X->getType()))) {
       // ashr (sext X), C --> sext (ashr X, C')
diff --git a/llvm/test/Transforms/InstCombine/ashr-lshr.ll b/llvm/test/Transforms/InstCombine/ashr-lshr.ll
index 36752036383ebd..d58f91be18b49e 100644
--- a/llvm/test/Transforms/InstCombine/ashr-lshr.ll
+++ b/llvm/test/Transforms/InstCombine/ashr-lshr.ll
@@ -629,8 +629,8 @@ define i32 @lshr_mul_times_3_div_2_exact(i32 %x) {
 
 define i32 @reduce_shift(i32 %x) {
 ; CHECK-LABEL: @reduce_shift(
-; CHECK-NEXT:    [[MUL:%.*]] = mul nsw i32 [[X:%.*]], 12
-; CHECK-NEXT:    [[SHR:%.*]] = ashr i32 [[MUL]], 4
+; CHECK-NEXT:    [[TMP1:%.*]] = mul nsw i32 [[X:%.*]], 3
+; CHECK-NEXT:    [[SHR:%.*]] = ashr i32 [[TMP1]], 2
 ; CHECK-NEXT:    ret i32 [[SHR]]
 ;
   %mul = mul nsw i32 %x, 12
@@ -898,8 +898,8 @@ define i32 @reduce_shift_wrong_mul(i32 %x) {
 
 define i32 @reduce_shift_exact(i32 %x) {
 ; CHECK-LABEL: @reduce_shift_exact(
-; CHECK-NEXT:    [[MUL:%.*]] = mul nsw i32 [[X:%.*]], 12
-; CHECK-NEXT:    [[SHR:%.*]] = ashr exact i32 [[MUL]], 4
+; CHECK-NEXT:    [[TMP1:%.*]] = mul nsw i32 [[X:%.*]], 3
+; CHECK-NEXT:    [[SHR:%.*]] = ashr exact i32 [[TMP1]], 2
 ; CHECK-NEXT:    ret i32 [[SHR]]
 ;
   %mul = mul nsw i32 %x, 12
diff --git a/llvm/test/Transforms/InstCombine/lshr.ll b/llvm/test/Transforms/InstCombine/lshr.ll
index dac700014de881..f5bf4c2fd0271c 100644
--- a/llvm/test/Transforms/InstCombine/lshr.ll
+++ b/llvm/test/Transforms/InstCombine/lshr.ll
@@ -702,8 +702,8 @@ define i32 @shl_add_lshr_neg(i32 %x, i32 %y, i32 %z) {
 
 define i32 @mul_splat_fold_wrong_mul_const(i32 %x) {
 ; CHECK-LABEL: @mul_splat_fold_wrong_mul_const(
-; CHECK-NEXT:    [[M:%.*]] = mul nuw i32 [[X:%.*]], 65538
-; CHECK-NEXT:    [[T:%.*]] = lshr i32 [[M]], 16
+; CHECK-NEXT:    [[TMP1:%.*]] = lshr i32 [[X:%.*]], 15
+; CHECK-NEXT:    [[T:%.*]] = add nuw nsw i32 [[TMP1]], [[X]]
 ; CHECK-NEXT:    ret i32 [[T]]
 ;
   %m = mul nuw i32 %x, 65538
@@ -1528,8 +1528,8 @@ define <2 x i8> @bool_add_lshr_vec_wrong_shift_amt(<2 x i1> %a, <2 x i1> %b) {
 
 define i32 @reduce_shift(i32 %x) {
 ; CHECK-LABEL: @reduce_shift(
-; CHECK-NEXT:    [[MUL:%.*]] = mul nuw i32 [[X:%.*]], 12
-; CHECK-NEXT:    [[SHR:%.*]] = lshr i32 [[MUL]], 4
+; CHECK-NEXT:    [[TMP1:%.*]] = mul nuw nsw i32 [[X:%.*]], 3
+; CHECK-NEXT:    [[SHR:%.*]] = lshr i32 [[TMP1]], 2
 ; CHECK-NEXT:    ret i32 [[SHR]]
 ;
   %mul = mul nuw i32 %x, 12
@@ -1565,8 +1565,8 @@ define i32 @reduce_shift_wrong_mul(i32 %x) {
 
 define i32 @reduce_shift_exact(i32 %x) {
 ; CHECK-LABEL: @reduce_shift_exact(
-; CHECK-NEXT:    [[MUL:%.*]] = mul nuw i32 [[X:%.*]], 12
-; CHECK-NEXT:    [[SHR:%.*]] = lshr exact i32 [[MUL]], 4
+; CHECK-NEXT:    [[TMP1:%.*]] = mul nuw nsw i32 [[X:%.*]], 3
+; CHECK-NEXT:    [[SHR:%.*]] = lshr exact i32 [[TMP1]], 2
 ; CHECK-NEXT:    ret i32 [[SHR]]
 ;
   %mul = mul nuw i32 %x, 12