diff --git a/packages/unminify/README.md b/packages/unminify/README.md
index 52d0e149..6b9a4928 100644
--- a/packages/unminify/README.md
+++ b/packages/unminify/README.md
@@ -18,6 +18,7 @@ It covers most of patterns that are used by the following tools:
   - [`un-typeof`](#un-typeof)
   - [`un-sequence-expression`](#un-sequence-expression)
   - [`un-variable-merging`](#un-variable-merging)
+  - [`un-assignment-expression`](#un-assignment-expression)
   - [`un-bracket-notation`](#un-bracket-notation)
   - [`un-while-loop`](#un-while-loop)
   - [`un-flip-comparisons`](#un-flip-comparisons)
@@ -148,6 +149,17 @@ Separate variable declarators that are not used in for statements.
 + for (var j = 0, k = 0; j < 10; k++) {}
 ```
 
+### `un-assignment-expression`
+
+Separate chained assignment into multiple statements.
+
+```diff
+- a = b = c = 1
++ a = 1
++ b = 1
++ c = 1
+```
+
 ### `un-bracket-notation`
 
 Simplify bracket notation.
diff --git a/packages/unminify/src/transformations/__tests__/un-assignment-merging.spec.ts b/packages/unminify/src/transformations/__tests__/un-assignment-merging.spec.ts
new file mode 100644
index 00000000..f38a3855
--- /dev/null
+++ b/packages/unminify/src/transformations/__tests__/un-assignment-merging.spec.ts
@@ -0,0 +1,77 @@
+import { defineInlineTest } from '@wakaru/test-utils'
+import transform from '../un-assignment-merging'
+
+const inlineTest = defineInlineTest(transform)
+
+inlineTest('chained assignment should be splitted',
+  `
+exports.foo = exports.bar = exports.baz = 1;
+`,
+  `
+exports.foo = 1;
+exports.bar = 1;
+exports.baz = 1;
+`,
+)
+
+inlineTest('chained assignment should be splitted - allowed',
+  `
+a1 = a2 = 0;
+b1 = b2 = 0n;
+c1 = c2 = '';
+d1 = d2 = true;
+e1 = e2 = null;
+f1 = f2 = undefined;
+g1 = g2 = foo;
+`,
+  `
+a1 = 0;
+a2 = 0;
+b1 = 0n;
+b2 = 0n;
+c1 = '';
+c2 = '';
+d1 = true;
+d2 = true;
+e1 = null;
+e2 = null;
+f1 = undefined;
+f2 = undefined;
+g1 = foo;
+g2 = foo;
+`,
+)
+
+inlineTest('chained assignment should be splitted - not allowed',
+  `
+a1 = a2 = \`template\${foo}\`;
+b1 = b2 = Symbol();
+c1 = c2 = /regex/;
+d1 = d2 = foo.bar;
+f1 = f2 = fn();
+`,
+  `
+a1 = a2 = \`template\${foo}\`;
+b1 = b2 = Symbol();
+c1 = c2 = /regex/;
+d1 = d2 = foo.bar;
+f1 = f2 = fn();
+`,
+)
+
+inlineTest('chained assignment should be splitted - comments',
+  `
+// before
+exports.foo = exports.bar = exports.baz = 1;
+// after
+`,
+  `
+// before
+exports.foo = 1;
+
+exports.bar = 1;
+
+exports.baz = 1;
+// after
+`,
+)
diff --git a/packages/unminify/src/transformations/index.ts b/packages/unminify/src/transformations/index.ts
index 8f536b66..24d1de90 100644
--- a/packages/unminify/src/transformations/index.ts
+++ b/packages/unminify/src/transformations/index.ts
@@ -3,6 +3,7 @@ import moduleMapping from './module-mapping'
 import prettier from './prettier'
 import smartInline from './smart-inline'
 import smartRename from './smart-rename'
+import unAssignmentMerging from './un-assignment-merging'
 import unAsyncAwait from './un-async-await'
 import unBoolean from './un-boolean'
 import unBracketNotation from './un-bracket-notation'
@@ -44,10 +45,11 @@ export const transformationMap: {
     'un-curly-braces': unCurlyBraces, // add curly braces so that other transformations can works easier, but generally this is not required
     'un-sequence-expression1': unSequenceExpression, // curly braces can bring out return sequence expression, so it runs before this
     'un-variable-merging': unVariableMerging,
+    'un-assignment-merging': unAssignmentMerging,
 
     // second stage - prepare the code for unminify
     'un-runtime-helper': unRuntimeHelper, // eliminate helpers as early as possible
-    'un-esm': unEsm, // relies on `un-runtime-helper` to eliminate helpers around `require` calls
+    'un-esm': unEsm, // relies on `un-runtime-helper` to eliminate helpers around `require` calls, relies on `un-assignment-merging` to split exports
     'un-enum': unEnum, // relies on `un-sequence-expression`
 
     // third stage - mostly one-to-one transformation
diff --git a/packages/unminify/src/transformations/un-assignment-merging.ts b/packages/unminify/src/transformations/un-assignment-merging.ts
new file mode 100644
index 00000000..c7c51427
--- /dev/null
+++ b/packages/unminify/src/transformations/un-assignment-merging.ts
@@ -0,0 +1,82 @@
+import { mergeComments } from '@wakaru/ast-utils'
+import { isSimpleValue } from '../utils/checker'
+import { replaceWithMultipleStatements } from '../utils/insert'
+import wrap from '../wrapAstTransformation'
+import type { ASTTransformation } from '../wrapAstTransformation'
+import type { AssignmentExpression } from 'jscodeshift'
+
+/**
+ * Separate chained assignment into multiple statements.
+ * This rule is only applied to simple value assignment to
+ * avoid introducing behavior changes.
+ *
+ * Normally, this rule should assign the next variable to the
+ * previous one, which is also how the code is executed.
+ *
+ * For example:
+ * ```js
+ * exports.foo = exports.bar = 1
+ * -> should be
+ * exports.bar = 1
+ * exports.foo = exports.bar
+ * ```
+ *
+ * But instead, in this rule, it is assigned to the original value
+ * to maximize the readability, and ease some edge cases that other
+ * rules might hit on.
+ *
+ * @example
+ * exports.foo = exports.bar = 1
+ * ->
+ * exports.bar = 1
+ * exports.foo = 1
+ *
+ * @example
+ * foo = bar = baz = void 0
+ * ->
+ * foo = void 0
+ * bar = void 0
+ * baz = void 0
+ */
+export const transformAST: ASTTransformation = (context) => {
+    const { root, j } = context
+
+    root
+        .find(j.ExpressionStatement, {
+            expression: {
+                type: 'AssignmentExpression',
+                operator: '=',
+                right: {
+                    type: 'AssignmentExpression',
+                    operator: '=',
+                },
+            },
+        })
+        .forEach((p) => {
+            const { expression } = p.node
+
+            let node = expression as AssignmentExpression
+            const assignments: AssignmentExpression[] = [node]
+            while (j.AssignmentExpression.check(node.right)) {
+                node = node.right
+                assignments.push(node)
+            }
+
+            if (assignments.length < 2) return
+
+            const valueNode = node.right
+            if (
+                j.Identifier.check(valueNode)
+                || isSimpleValue(j, valueNode)
+            ) {
+                const replacements = assignments.map((assignment) => {
+                    return j.expressionStatement(j.assignmentExpression('=', assignment.left, valueNode))
+                })
+                mergeComments(replacements, p.node.comments)
+
+                replaceWithMultipleStatements(j, p, replacements)
+            }
+        })
+}
+
+export default wrap(transformAST)
diff --git a/packages/unminify/src/utils/checker.ts b/packages/unminify/src/utils/checker.ts
index 84fab672..d73a9908 100644
--- a/packages/unminify/src/utils/checker.ts
+++ b/packages/unminify/src/utils/checker.ts
@@ -4,6 +4,46 @@ export function areNodesEqual(j: JSCodeshift, node1: ASTNode, node2: ASTNode): b
     return j(node1).toSource() === j(node2).toSource()
 }
 
+/**
+ * Check if node is a simple value.
+ * Meaning it's duplication won't cause any side effects.
+ *
+ * Includes:
+ * - string
+ * - number
+ * - bigInt
+ * - boolean
+ * - undefined
+ * - null
+ *
+ * Excludes:
+ * - template literal (might contain other expressions)
+ * - symbol ( Symbol() !== Symbol() )
+ * - MemberExpression (might have side effects)
+ * - CallExpression (might have side effects)
+ */
+export function isSimpleValue(j: JSCodeshift, node: ASTNode): node is StringLiteral | NumericLiteral | BooleanLiteral | NullLiteral | UnaryExpression | Identifier | BigIntLiteral {
+    return (
+        j.NullLiteral.check(node)
+     || j.StringLiteral.check(node)
+     || j.NumericLiteral.check(node)
+     || isUndefined(j, node)
+     || isLooseBoolean(j, node)
+     || j.BigIntLiteral.check(node)
+    )
+}
+
+/**
+ * Check if node is a loose boolean-like value.
+ * Includes:
+ * - Boolean
+ * - !0, !1 and all ![thing]
+ */
+export function isLooseBoolean(j: JSCodeshift, node: ASTNode): node is BooleanLiteral | UnaryExpression {
+    return j.BooleanLiteral.check(node)
+    || (j.UnaryExpression.check(node) && node.operator === '!')
+}
+
 /**
  * Check if node is `true` literal
  */