diff --git a/target/i386/kvm/kvm.c b/target/i386/kvm/kvm.c
index 6c749d4ee8..b4deec6255 100644
--- a/target/i386/kvm/kvm.c
+++ b/target/i386/kvm/kvm.c
@@ -2129,6 +2129,8 @@ int kvm_arch_init_vcpu(CPUState *cs)
     if (cs->kvm_state->xen_version) {
 #ifdef CONFIG_XEN_EMU
         struct kvm_cpuid_entry2 *xen_max_leaf;
+        uint32_t hypercall_msr =
+            hyperv_enabled(cpu) ? XEN_HYPERCALL_MSR_HYPERV : XEN_HYPERCALL_MSR;
 
         memcpy(signature, "XenVMMXenVMM", 12);
 
@@ -2150,13 +2152,7 @@ int kvm_arch_init_vcpu(CPUState *cs)
         c->function = kvm_base + XEN_CPUID_HVM_MSR;
         /* Number of hypercall-transfer pages */
         c->eax = 1;
-        /* Hypercall MSR base address */
-        if (hyperv_enabled(cpu)) {
-            c->ebx = XEN_HYPERCALL_MSR_HYPERV;
-            kvm_xen_init(cs->kvm_state, c->ebx);
-        } else {
-            c->ebx = XEN_HYPERCALL_MSR;
-        }
+        c->ebx = hypercall_msr;
         c->ecx = 0;
         c->edx = 0;
 
@@ -2194,7 +2190,7 @@ int kvm_arch_init_vcpu(CPUState *cs)
             }
         }
 
-        r = kvm_xen_init_vcpu(cs);
+        r = kvm_xen_init_vcpu(cs, hypercall_msr);
         if (r) {
             return r;
         }
@@ -3245,9 +3241,7 @@ int kvm_arch_init(MachineState *ms, KVMState *s)
             error_report("kvm: Xen support only available in PC machine");
             return -ENOTSUP;
         }
-        /* hyperv_enabled() doesn't work yet. */
-        uint32_t msr = XEN_HYPERCALL_MSR;
-        ret = kvm_xen_init(s, msr);
+        ret = kvm_xen_init(s);
         if (ret < 0) {
             return ret;
         }
diff --git a/target/i386/kvm/xen-emu.c b/target/i386/kvm/xen-emu.c
index e81a245881..1144a6efcd 100644
--- a/target/i386/kvm/xen-emu.c
+++ b/target/i386/kvm/xen-emu.c
@@ -108,15 +108,11 @@ static inline int kvm_copy_to_gva(CPUState *cs, uint64_t gva, void *buf,
     return kvm_gva_rw(cs, gva, buf, sz, true);
 }
 
-int kvm_xen_init(KVMState *s, uint32_t hypercall_msr)
+int kvm_xen_init(KVMState *s)
 {
     const int required_caps = KVM_XEN_HVM_CONFIG_HYPERCALL_MSR |
         KVM_XEN_HVM_CONFIG_INTERCEPT_HCALL | KVM_XEN_HVM_CONFIG_SHARED_INFO;
-    struct kvm_xen_hvm_config cfg = {
-        .msr = hypercall_msr,
-        .flags = KVM_XEN_HVM_CONFIG_INTERCEPT_HCALL,
-    };
-    int xen_caps, ret;
+    int xen_caps;
 
     xen_caps = kvm_check_extension(s, KVM_CAP_XEN_HVM);
     if (required_caps & ~xen_caps) {
@@ -130,20 +126,6 @@ int kvm_xen_init(KVMState *s, uint32_t hypercall_msr)
             .u.xen_version = s->xen_version,
         };
         (void)kvm_vm_ioctl(s, KVM_XEN_HVM_SET_ATTR, &ha);
-
-        cfg.flags |= KVM_XEN_HVM_CONFIG_EVTCHN_SEND;
-    }
-
-    ret = kvm_vm_ioctl(s, KVM_XEN_HVM_CONFIG, &cfg);
-    if (ret < 0) {
-        error_report("kvm: Failed to enable Xen HVM support: %s",
-                     strerror(-ret));
-        return ret;
-    }
-
-    /* If called a second time, don't repeat the rest of the setup. */
-    if (s->xen_caps) {
-        return 0;
     }
 
     /*
@@ -185,10 +167,14 @@ int kvm_xen_init(KVMState *s, uint32_t hypercall_msr)
     return 0;
 }
 
-int kvm_xen_init_vcpu(CPUState *cs)
+int kvm_xen_init_vcpu(CPUState *cs, uint32_t hypercall_msr)
 {
     X86CPU *cpu = X86_CPU(cs);
     CPUX86State *env = &cpu->env;
+    struct kvm_xen_hvm_config cfg = {
+        .msr = hypercall_msr,
+        .flags = KVM_XEN_HVM_CONFIG_INTERCEPT_HCALL,
+    };
     int err;
 
     /*
@@ -210,6 +196,22 @@ int kvm_xen_init_vcpu(CPUState *cs)
                          strerror(-err));
             return err;
         }
+
+        cfg.flags |= KVM_XEN_HVM_CONFIG_EVTCHN_SEND;
+    }
+
+    /*
+     * This is a per-KVM setting, but hyperv_enabled() can't be used
+     * when kvm_xen_init() is called from kvm_arch_init(), so do it
+     * when the BSP is initialized.
+     */
+    if (cs->cpu_index == 0) {
+        err = kvm_vm_ioctl(cs->kvm_state, KVM_XEN_HVM_CONFIG, &cfg);
+        if (err) {
+            error_report("kvm: Failed to enable Xen HVM support: %s",
+                         strerror(-err));
+            return err;
+        }
     }
 
     env->xen_vcpu_info_gpa = INVALID_GPA;
diff --git a/target/i386/kvm/xen-emu.h b/target/i386/kvm/xen-emu.h
index fe85e0b195..7a7c72eee5 100644
--- a/target/i386/kvm/xen-emu.h
+++ b/target/i386/kvm/xen-emu.h
@@ -23,8 +23,8 @@
 
 #define XEN_VERSION(maj, min) ((maj) << 16 | (min))
 
-int kvm_xen_init(KVMState *s, uint32_t hypercall_msr);
-int kvm_xen_init_vcpu(CPUState *cs);
+int kvm_xen_init(KVMState *s);
+int kvm_xen_init_vcpu(CPUState *cs, uint32_t hypercall_msr);
 int kvm_xen_handle_exit(X86CPU *cpu, struct kvm_xen_exit *exit);
 int kvm_put_xen_state(CPUState *cs);
 int kvm_get_xen_state(CPUState *cs);
