diff --git a/hw/s390-virtio.c b/hw/s390-virtio.c
index ee850f0559..37945d5d83 100644
--- a/hw/s390-virtio.c
+++ b/hw/s390-virtio.c
@@ -121,6 +121,34 @@ int s390_virtio_hypercall(CPUState *env, uint64_t mem, uint64_t hypercall)
     return r;
 }
 
+/*
+ * The number of running CPUs. On s390 a shutdown is the state of all CPUs
+ * being either stopped or disabled (for interrupts) waiting. We have to
+ * track this number to call the shutdown sequence accordingly. This
+ * number is modified either on startup or while holding the big qemu lock.
+ */
+static unsigned s390_running_cpus;
+
+void s390_add_running_cpu(CPUState *env)
+{
+    if (env->halted) {
+        s390_running_cpus++;
+        env->halted = 0;
+        env->exception_index = -1;
+    }
+}
+
+unsigned s390_del_running_cpu(CPUState *env)
+{
+    if (env->halted == 0) {
+        assert(s390_running_cpus >= 1);
+        s390_running_cpus--;
+        env->halted = 1;
+        env->exception_index = EXCP_HLT;
+    }
+    return s390_running_cpus;
+}
+
 /* PC hardware initialisation */
 static void s390_init(ram_addr_t my_ram_size,
                       const char *boot_device,
@@ -179,8 +207,8 @@ static void s390_init(ram_addr_t my_ram_size,
         tmp_env->storage_keys = storage_keys;
     }
 
-    env->halted = 0;
-    env->exception_index = 0;
+    /* One CPU has to run */
+    s390_add_running_cpu(env);
 
     if (kernel_filename) {
         kernel_size = load_image(kernel_filename, qemu_get_ram_ptr(0));
diff --git a/target-s390x/cpu.h b/target-s390x/cpu.h
index 95abe595b3..a66aa0166b 100644
--- a/target-s390x/cpu.h
+++ b/target-s390x/cpu.h
@@ -309,6 +309,8 @@ static inline void kvm_s390_interrupt_internal(CPUState *env, int type,
 }
 #endif
 CPUState *s390_cpu_addr2state(uint16_t cpu_addr);
+void s390_add_running_cpu(CPUState *env);
+unsigned s390_del_running_cpu(CPUState *env);
 
 /* from s390-virtio-bus */
 extern const target_phys_addr_t virtio_size;
diff --git a/target-s390x/kvm.c b/target-s390x/kvm.c
index 4beb794cca..40b0ab1922 100644
--- a/target-s390x/kvm.c
+++ b/target-s390x/kvm.c
@@ -185,8 +185,7 @@ void kvm_s390_interrupt_internal(CPUState *env, int type, uint32_t parm,
         return;
     }
 
-    env->halted = 0;
-    env->exception_index = -1;
+    s390_add_running_cpu(env);
     qemu_cpu_kick(env);
 
     kvmint.type = type;
@@ -299,8 +298,7 @@ static int handle_diag(CPUState *env, struct kvm_run *run, int ipb_code)
 static int s390_cpu_restart(CPUState *env)
 {
     kvm_s390_interrupt(env, KVM_S390_RESTART, 0);
-    env->halted = 0;
-    env->exception_index = -1;
+    s390_add_running_cpu(env);
     qemu_cpu_kick(env);
     dprintf("DONE: SIGP cpu restart: %p\n", env);
     return 0;
@@ -425,17 +423,16 @@ static int handle_intercept(CPUState *env)
             r = handle_instruction(env, run);
             break;
         case ICPT_WAITPSW:
-            /* XXX What to do on system shutdown? */
-            env->halted = 1;
-            env->exception_index = EXCP_HLT;
+        case ICPT_CPU_STOP:
+            if (s390_del_running_cpu(env) == 0) {
+                qemu_system_shutdown_request();
+            }
+            r = EXCP_HALTED;
             break;
         case ICPT_SOFT_INTERCEPT:
             fprintf(stderr, "KVM unimplemented icpt SOFT\n");
             exit(1);
             break;
-        case ICPT_CPU_STOP:
-            qemu_system_shutdown_request();
-            break;
         case ICPT_IO:
             fprintf(stderr, "KVM unimplemented icpt IO\n");
             exit(1);
@@ -468,8 +465,6 @@ int kvm_arch_handle_exit(CPUState *env, struct kvm_run *run)
 
     if (ret == 0) {
         ret = EXCP_INTERRUPT;
-    } else if (ret > 0) {
-        ret = 0;
     }
     return ret;
 }