diff --git a/compiler/src/dotty/tools/dotc/core/Flags.scala b/compiler/src/dotty/tools/dotc/core/Flags.scala
index 76cb45c1b28c..10d0bfb3c2e0 100644
--- a/compiler/src/dotty/tools/dotc/core/Flags.scala
+++ b/compiler/src/dotty/tools/dotc/core/Flags.scala
@@ -465,7 +465,7 @@ object Flags {
     Module, Package, Deferred, Method, Case, Enum, Param, ParamAccessor,
     Scala2SpecialFlags, MutableOrOpen, Opaque, Touched, JavaStatic,
     OuterOrCovariant, LabelOrContravariant, CaseAccessor,
-    Extension, NonMember, Implicit, Given, Permanent, Synthetic,
+    Extension, NonMember, Implicit, Given, Permanent, Synthetic, Exported,
     SuperParamAliasOrScala2x, Inline, Macro, ConstructorProxy, Invisible)
 
   /** Flags that are not (re)set when completing the denotation, or, if symbol is
diff --git a/compiler/src/dotty/tools/dotc/core/NamerOps.scala b/compiler/src/dotty/tools/dotc/core/NamerOps.scala
index ce525fc5d827..26dd19ebf56f 100644
--- a/compiler/src/dotty/tools/dotc/core/NamerOps.scala
+++ b/compiler/src/dotty/tools/dotc/core/NamerOps.scala
@@ -77,10 +77,15 @@ object NamerOps:
   val ApplyProxyFlags = Synthetic | ConstructorProxy | Inline | Method
 
   /** Does symbol `cls` need constructor proxies to be generated? */
-  def needsConstructorProxies(cls: Symbol)(using Context): Boolean =
-    cls.isClass
-    && !cls.flagsUNSAFE.isOneOf(NoConstructorProxyNeededFlags)
-    && !cls.isAnonymousClass
+  def needsConstructorProxies(sym: Symbol)(using Context): Boolean =
+    sym.isClass
+    && !sym.flagsUNSAFE.isOneOf(NoConstructorProxyNeededFlags)
+    && !sym.isAnonymousClass
+    ||
+    sym.isType && sym.is(Exported)
+    && sym.info.loBound.underlyingClassRef(refinementOK = false).match
+      case tref: TypeRef => tref.prefix.isStable
+      case _ => false
 
   /** The completer of a constructor proxy apply method */
   class ApplyProxyCompleter(constr: Symbol)(using Context) extends LazyType:
@@ -114,7 +119,7 @@ object NamerOps:
     }.withSourceModule(modul)
 
   /** A new symbol that is the constructor companion for class `cls` */
-  def constructorCompanion(cls: ClassSymbol)(using Context): TermSymbol =
+  def classConstructorCompanion(cls: ClassSymbol)(using Context): TermSymbol =
     val companion = newModuleSymbol(
         cls.owner, cls.name.toTermName,
         ConstructorCompanionFlags, ConstructorCompanionFlags,
@@ -125,6 +130,10 @@ object NamerOps:
     cls.registerCompanion(companion.moduleClass)
     companion
 
+  def typeConstructorCompanion(tsym: Symbol, prefix: Type, proxy: Symbol)(using Context): TermSymbol =
+    newSymbol(tsym.owner, tsym.name.toTermName,
+        ConstructorCompanionFlags | StableRealizable | Method, ExprType(prefix.select(proxy)), coord = tsym.coord)
+
   /** Add all necesssary constructor proxy symbols for members of class `cls`. This means:
    *
    *   - if a member is a class that needs a constructor companion, add one,
@@ -137,12 +146,21 @@ object NamerOps:
 
     def memberExists(cls: ClassSymbol, name: TermName): Boolean =
       cls.baseClasses.exists(_.info.decls.lookupEntry(name) != null)
+
     for mbr <- cls.info.decls do
-      if needsConstructorProxies(mbr)
-         && !mbr.asClass.unforcedRegisteredCompanion.exists
-         && !memberExists(cls, mbr.name.toTermName)
-      then
-        constructorCompanion(mbr.asClass).entered
+      if needsConstructorProxies(mbr) then
+        mbr match
+          case mbr: ClassSymbol =>
+            if !mbr.unforcedRegisteredCompanion.exists
+              && !memberExists(cls, mbr.name.toTermName)
+            then
+              classConstructorCompanion(mbr).entered
+          case _ =>
+            mbr.info.loBound.underlyingClassRef(refinementOK = false) match
+              case ref: TypeRef =>
+                val proxy = ref.symbol.registeredCompanion
+                if proxy.is(ConstructorProxy) && !memberExists(cls, mbr.name.toTermName) then
+                  typeConstructorCompanion(mbr, ref.prefix, proxy).entered
 
     if cls.is(Module)
        && needsConstructorProxies(cls.linkedClass)
diff --git a/compiler/src/dotty/tools/dotc/core/tasty/TreePickler.scala b/compiler/src/dotty/tools/dotc/core/tasty/TreePickler.scala
index 06ba83ae15bf..af66ccd3ecc4 100644
--- a/compiler/src/dotty/tools/dotc/core/tasty/TreePickler.scala
+++ b/compiler/src/dotty/tools/dotc/core/tasty/TreePickler.scala
@@ -731,6 +731,7 @@ class TreePickler(pickler: TastyPickler) {
     if flags.is(Infix) then writeModTag(INFIX)
     if flags.is(Invisible) then writeModTag(INVISIBLE)
     if (flags.is(Erased)) writeModTag(ERASED)
+    if (flags.is(Exported)) writeModTag(EXPORTED)
     if (isTerm) {
       if (flags.is(Implicit)) writeModTag(IMPLICIT)
       if (flags.is(Given)) writeModTag(GIVEN)
@@ -744,7 +745,6 @@ class TreePickler(pickler: TastyPickler) {
       if (flags.is(Extension)) writeModTag(EXTENSION)
       if (flags.is(ParamAccessor)) writeModTag(PARAMsetter)
       if (flags.is(SuperParamAlias)) writeModTag(PARAMalias)
-      if (flags.is(Exported)) writeModTag(EXPORTED)
       assert(!(flags.is(Label)))
     }
     else {
diff --git a/compiler/src/dotty/tools/dotc/typer/Namer.scala b/compiler/src/dotty/tools/dotc/typer/Namer.scala
index f7e4d14c0ad7..59f2748982ad 100644
--- a/compiler/src/dotty/tools/dotc/typer/Namer.scala
+++ b/compiler/src/dotty/tools/dotc/typer/Namer.scala
@@ -617,7 +617,7 @@ class Namer { typer: Typer =>
           val classSym = ctx.effectiveScope.lookup(className)
           val moduleName = className.toTermName
           if needsConstructorProxies(classSym) && ctx.effectiveScope.lookupEntry(moduleName) == null then
-            enterSymbol(constructorCompanion(classSym.asClass))
+            enterSymbol(classConstructorCompanion(classSym.asClass))
       else if ctx.owner.is(PackageClass) then
         for case cdef @ TypeDef(moduleName, _) <- moduleDef.values do
           val moduleSym = ctx.effectiveScope.lookup(moduleName)
@@ -634,12 +634,12 @@ class Namer { typer: Typer =>
             val moduleName = className.toTermName
             val companionVals = ctx.effectiveScope.lookupAll(moduleName.encode)
             if companionVals.isEmpty && needsConstructorProxies(classSym) then
-              enterSymbol(constructorCompanion(classSym.asClass))
+              enterSymbol(classConstructorCompanion(classSym.asClass))
             else
               for moduleSym <- companionVals do
                 if moduleSym.is(Module) && !moduleSym.isDefinedInCurrentRun then
                   val companion =
-                    if needsConstructorProxies(classSym) then constructorCompanion(classSym.asClass)
+                    if needsConstructorProxies(classSym) then classConstructorCompanion(classSym.asClass)
                     else newModuleSymbol(
                       ctx.owner, moduleName, EmptyFlags, EmptyFlags, (_, _) => NoType)
                   enterSymbol(companion)
diff --git a/compiler/test/dotc/pos-test-pickling.blacklist b/compiler/test/dotc/pos-test-pickling.blacklist
index 423c429d19e0..4e4609cf34f4 100644
--- a/compiler/test/dotc/pos-test-pickling.blacklist
+++ b/compiler/test/dotc/pos-test-pickling.blacklist
@@ -16,6 +16,7 @@ tuple-filter.scala
 i7740a.scala
 i7740b.scala
 i6507b.scala
+i12299a.scala
 
 # Stale symbol: package object scala
 seqtype-cycle
diff --git a/tests/neg/i12299.scala b/tests/neg/i12299.scala
new file mode 100644
index 000000000000..424be6cc4fd2
--- /dev/null
+++ b/tests/neg/i12299.scala
@@ -0,0 +1,24 @@
+object Outer {
+
+  object Inner {
+    class Bar(x: Int)
+    object Bar
+  }
+
+  export Inner.Bar._
+
+  val _ = apply(2)  // error (constructor proxies are not exported)
+
+}
+object Outer2 {
+
+  object Inner {
+    class Bar(x: Int)
+    object Bar
+  }
+
+  export Inner.Bar.apply  // error: no eligible member
+
+  val _ = apply(2)  // error (constructor proxies are not exported)
+
+}
diff --git a/tests/pos/i12299.scala b/tests/pos/i12299.scala
new file mode 100644
index 000000000000..cabd12ed3b05
--- /dev/null
+++ b/tests/pos/i12299.scala
@@ -0,0 +1,54 @@
+object Outer0 {
+
+  object Inner {
+    class Bar(x: Int):
+      def this() = this(0)
+  }
+
+  export Inner.Bar
+
+  val _ = Bar()
+  val _ = Bar(2)
+
+}
+
+object Outer2 {
+
+  object Inner {
+    class Bar(x: Int):
+      def this() = this(0)
+  }
+
+  object test2:
+    export Inner._
+
+    val x = Bar()
+    val y = Bar(2)
+
+  object test3:
+    export Inner.Bar
+    def Bar: () => String = () => ""
+    val x = Bar()
+}
+
+object Outer3 {
+  export Outer0._
+
+  private val x = Bar()
+  private val y = Bar(2)
+}
+
+object Outer4 {
+
+  object Inner {
+    class Bar(x: Int):
+      def this() = this(0)
+    object Bar
+  }
+
+  export Inner._
+
+  val _ = Bar()
+  val _ = Bar(2)
+
+}
diff --git a/tests/pos/i12299/Outer_1.scala b/tests/pos/i12299/Outer_1.scala
new file mode 100644
index 000000000000..200c21beecb8
--- /dev/null
+++ b/tests/pos/i12299/Outer_1.scala
@@ -0,0 +1,9 @@
+object Outer {
+
+  object Inner {
+    class Bar(x: Int):
+      def this() = this(0)
+  }
+
+  export Inner.Bar
+}
diff --git a/tests/pos/i12299/Test_2.scala b/tests/pos/i12299/Test_2.scala
new file mode 100644
index 000000000000..ce4c9390744d
--- /dev/null
+++ b/tests/pos/i12299/Test_2.scala
@@ -0,0 +1,4 @@
+import Outer._
+
+val x = Bar()
+val y = Bar(2)
diff --git a/tests/pos/i12299a.scala b/tests/pos/i12299a.scala
new file mode 100644
index 000000000000..90819f0a0bca
--- /dev/null
+++ b/tests/pos/i12299a.scala
@@ -0,0 +1,11 @@
+object Outer {
+
+  object Wrap {
+    export Outer.Bar
+  }
+
+  class Bar
+
+  val wrapBar = Wrap.Bar()
+}
+