diff --git a/CHANGELOG.md b/CHANGELOG.md
index 36027b48917e..846e1c21f7df 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -47,6 +47,9 @@
 - **(es/minifier)** Skip function declarations in sequential inliner (#6147) ([f2e8f98](https://github.com/swc-project/swc/commit/f2e8f98d381cff75229e29564ce5a7458175fea9))
 
 
+- **(es/minifier)** Merge functions using sequential inliner (#6148) ([12443db](https://github.com/swc-project/swc/commit/12443db39aebb216aa9da58917b74c8360310eca))
+
+
 - **(html/ast)** Add `raw` to comment tokens (#6202) ([99ea286](https://github.com/swc-project/swc/commit/99ea28674af1c1bbaa104089b7f7bd36356df208))
 
 
diff --git a/Cargo.lock b/Cargo.lock
index a0e78b346b5a..b77d1b7cd206 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -168,7 +168,7 @@ dependencies = [
 
 [[package]]
 name = "binding_macros"
-version = "0.20.43"
+version = "0.20.44"
 dependencies = [
  "anyhow",
  "console_error_panic_hook",
@@ -776,7 +776,7 @@ dependencies = [
 
 [[package]]
 name = "dbg-swc"
-version = "0.58.52"
+version = "0.58.53"
 dependencies = [
  "anyhow",
  "clap 3.1.0",
@@ -2982,7 +2982,7 @@ dependencies = [
 
 [[package]]
 name = "swc"
-version = "0.232.43"
+version = "0.232.44"
 dependencies = [
  "ahash",
  "ansi_term",
@@ -3053,7 +3053,7 @@ dependencies = [
 
 [[package]]
 name = "swc_bundler"
-version = "0.192.38"
+version = "0.192.39"
 dependencies = [
  "ahash",
  "anyhow",
@@ -3168,7 +3168,7 @@ dependencies = [
 
 [[package]]
 name = "swc_core"
-version = "0.40.2"
+version = "0.40.3"
 dependencies = [
  "binding_macros",
  "once_cell",
@@ -3527,7 +3527,7 @@ dependencies = [
 
 [[package]]
 name = "swc_ecma_minifier"
-version = "0.159.38"
+version = "0.159.39"
 dependencies = [
  "ahash",
  "ansi_term",
@@ -3949,7 +3949,7 @@ dependencies = [
 
 [[package]]
 name = "swc_ecmascript"
-version = "0.205.39"
+version = "0.205.40"
 dependencies = [
  "swc_ecma_ast",
  "swc_ecma_codegen",
@@ -3997,7 +3997,7 @@ dependencies = [
 
 [[package]]
 name = "swc_estree_compat"
-version = "0.154.43"
+version = "0.154.44"
 dependencies = [
  "ahash",
  "anyhow",
@@ -4045,7 +4045,7 @@ dependencies = [
 
 [[package]]
 name = "swc_html"
-version = "0.92.2"
+version = "0.92.3"
 dependencies = [
  "swc_html_ast",
  "swc_html_codegen",
@@ -4097,7 +4097,7 @@ dependencies = [
 
 [[package]]
 name = "swc_html_minifier"
-version = "0.89.2"
+version = "0.89.3"
 dependencies = [
  "criterion",
  "once_cell",
@@ -4183,7 +4183,7 @@ dependencies = [
 
 [[package]]
 name = "swc_node_bundler"
-version = "0.18.43"
+version = "0.18.44"
 dependencies = [
  "anyhow",
  "dashmap",
diff --git a/crates/binding_macros/Cargo.toml b/crates/binding_macros/Cargo.toml
index bea8b15ac5af..2226f13dada9 100644
--- a/crates/binding_macros/Cargo.toml
+++ b/crates/binding_macros/Cargo.toml
@@ -5,7 +5,7 @@ edition     = "2021"
 license     = "Apache-2.0"
 name        = "binding_macros"
 repository  = "https://github.com/swc-project/swc.git"
-version     = "0.20.43"
+version     = "0.20.44"
 
 [lib]
 bench = false
@@ -30,7 +30,7 @@ binding_wasm = [
 
 [dependencies]
 # Common deps for the SWC imports
-swc                 = { optional = true, version = "0.232.43", path = "../swc" }
+swc                 = { optional = true, version = "0.232.44", path = "../swc" }
 swc_common          = { optional = true, version = "0.29.10", path = "../swc_common" }
 swc_ecma_ast        = { optional = true, version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_transforms = { optional = true, version = "0.198.21", path = "../swc_ecma_transforms" }
diff --git a/crates/dbg-swc/Cargo.toml b/crates/dbg-swc/Cargo.toml
index cb69d2606e26..9ba8e5d86648 100644
--- a/crates/dbg-swc/Cargo.toml
+++ b/crates/dbg-swc/Cargo.toml
@@ -5,7 +5,7 @@ edition     = "2021"
 license     = "Apache-2.0"
 name        = "dbg-swc"
 repository  = "https://github.com/kdy1/dbg-swc.git"
-version     = "0.58.52"
+version     = "0.58.53"
 
 [[bin]]
 bench = false
@@ -27,7 +27,7 @@ swc_common = { version = "0.29.10", features = [
 ], path = "../swc_common" }
 swc_ecma_ast = { version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_codegen = { version = "0.127.20", path = "../swc_ecma_codegen" }
-swc_ecma_minifier = { version = "0.159.38", path = "../swc_ecma_minifier", features = [
+swc_ecma_minifier = { version = "0.159.39", path = "../swc_ecma_minifier", features = [
   "concurrent",
 ] }
 swc_ecma_parser = { version = "0.122.16", path = "../swc_ecma_parser" }
diff --git a/crates/swc/Cargo.toml b/crates/swc/Cargo.toml
index a7bfdec666f3..b5eff6f0bdc3 100644
--- a/crates/swc/Cargo.toml
+++ b/crates/swc/Cargo.toml
@@ -9,7 +9,7 @@ include       = ["Cargo.toml", "src/**/*.rs"]
 license       = "Apache-2.0"
 name          = "swc"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.232.43"
+version       = "0.232.44"
 
 [lib]
 bench = false
@@ -75,7 +75,7 @@ swc_ecma_loader = { version = "0.41.11", path = "../swc_ecma_loader", features =
   "node",
   "tsc",
 ] }
-swc_ecma_minifier = { version = "0.159.38", path = "../swc_ecma_minifier" }
+swc_ecma_minifier = { version = "0.159.39", path = "../swc_ecma_minifier" }
 swc_ecma_parser = { version = "0.122.16", path = "../swc_ecma_parser" }
 swc_ecma_preset_env = { version = "0.174.21", path = "../swc_ecma_preset_env" }
 swc_ecma_transforms = { version = "0.198.21", path = "../swc_ecma_transforms", features = [
diff --git a/crates/swc_bundler/Cargo.toml b/crates/swc_bundler/Cargo.toml
index 542def292f9f..bb08bb9edb4e 100644
--- a/crates/swc_bundler/Cargo.toml
+++ b/crates/swc_bundler/Cargo.toml
@@ -9,7 +9,7 @@ include       = ["Cargo.toml", "build.rs", "src/**/*.rs", "src/**/*.js"]
 license       = "Apache-2.0"
 name          = "swc_bundler"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.192.38"
+version       = "0.192.39"
 
   [package.metadata.docs.rs]
   all-features = true
@@ -61,7 +61,7 @@ swc_ecma_loader = { version = "0.41.11", path = "../swc_ecma_loader", features =
   "node",
   "cache",
 ] }
-swc_ecma_minifier = { version = "0.159.38", path = "../swc_ecma_minifier", features = [
+swc_ecma_minifier = { version = "0.159.39", path = "../swc_ecma_minifier", features = [
   "concurrent",
 ] }
 swc_ecma_transforms_proposal = { version = "0.144.16", path = "../swc_ecma_transforms_proposal" }
diff --git a/crates/swc_core/Cargo.toml b/crates/swc_core/Cargo.toml
index 3de79d45aa37..8a0a168ad3c0 100644
--- a/crates/swc_core/Cargo.toml
+++ b/crates/swc_core/Cargo.toml
@@ -6,7 +6,7 @@ edition       = "2021"
 license       = "Apache-2.0"
 name          = "swc_core"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.40.2"
+version       = "0.40.3"
   [package.metadata.docs.rs]
   features = [
     "common_perf",
@@ -317,10 +317,10 @@ wasmer      = { optional = true, version = "2.3.0", default-features = false }
 wasmer-wasi = { optional = true, version = "2.3.0", default-features = false }
 
 # swc_* dependencies
-binding_macros                   = { optional = true, version = "0.20.43", path = "../binding_macros" }
-swc                              = { optional = true, version = "0.232.43", path = "../swc" }
+binding_macros                   = { optional = true, version = "0.20.44", path = "../binding_macros" }
+swc                              = { optional = true, version = "0.232.44", path = "../swc" }
 swc_atoms                        = { optional = true, version = "0.4.23", path = "../swc_atoms" }
-swc_bundler                      = { optional = true, version = "0.192.38", path = "../swc_bundler" }
+swc_bundler                      = { optional = true, version = "0.192.39", path = "../swc_bundler" }
 swc_cached                       = { optional = true, version = "0.3.15", path = "../swc_cached" }
 swc_common                       = { optional = true, version = "0.29.10", path = "../swc_common" }
 swc_css_ast                      = { optional = true, version = "0.124.0", path = "../swc_css_ast" }
@@ -333,7 +333,7 @@ swc_css_visit                    = { optional = true, version = "0.123.0", path
 swc_ecma_ast                     = { optional = true, version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_codegen                 = { optional = true, version = "0.127.20", path = "../swc_ecma_codegen" }
 swc_ecma_loader                  = { optional = true, version = "0.41.11", path = "../swc_ecma_loader" }
-swc_ecma_minifier                = { optional = true, version = "0.159.38", path = "../swc_ecma_minifier" }
+swc_ecma_minifier                = { optional = true, version = "0.159.39", path = "../swc_ecma_minifier" }
 swc_ecma_parser                  = { optional = true, version = "0.122.16", path = "../swc_ecma_parser" }
 swc_ecma_preset_env              = { optional = true, version = "0.174.21", path = "../swc_ecma_preset_env" }
 swc_ecma_quote_macros            = { optional = true, version = "0.33.17", path = "../swc_ecma_quote_macros" }
@@ -347,7 +347,7 @@ swc_ecma_transforms_typescript   = { optional = true, version = "0.159.18", path
 swc_ecma_utils                   = { optional = true, version = "0.105.21", path = "../swc_ecma_utils" }
 swc_ecma_visit                   = { optional = true, version = "0.80.13", path = "../swc_ecma_visit" }
 swc_node_base                    = { optional = true, version = "0.5.6", path = "../swc_node_base" }
-swc_node_bundler                 = { optional = true, version = "0.18.43", path = "../swc_node_bundler" }
+swc_node_bundler                 = { optional = true, version = "0.18.44", path = "../swc_node_bundler" }
 swc_nodejs_common                = { optional = true, version = "0.0.2", path = "../swc_nodejs_common" }
 swc_plugin                       = { optional = true, version = "0.90.0", path = "../swc_plugin" }
 swc_plugin_macro                 = { optional = true, version = "0.9.8", path = "../swc_plugin_macro" }
diff --git a/crates/swc_ecma_minifier/Cargo.toml b/crates/swc_ecma_minifier/Cargo.toml
index 5ef6998d5fd0..fcf750917034 100644
--- a/crates/swc_ecma_minifier/Cargo.toml
+++ b/crates/swc_ecma_minifier/Cargo.toml
@@ -7,7 +7,7 @@ include       = ["Cargo.toml", "src/**/*.rs", "src/lists/*.json"]
 license       = "Apache-2.0"
 name          = "swc_ecma_minifier"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.159.38"
+version       = "0.159.39"
 
   [package.metadata.docs.rs]
   all-features = true
diff --git a/crates/swc_ecmascript/Cargo.toml b/crates/swc_ecmascript/Cargo.toml
index 1ee5828811cc..faca93c12090 100644
--- a/crates/swc_ecmascript/Cargo.toml
+++ b/crates/swc_ecmascript/Cargo.toml
@@ -6,7 +6,7 @@ edition       = "2021"
 license       = "Apache-2.0"
 name          = "swc_ecmascript"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.205.39"
+version       = "0.205.40"
 
   [package.metadata.docs.rs]
   all-features = true
@@ -42,7 +42,7 @@ typescript   = ["typescript-parser", "swc_ecma_transforms/typescript"]
 swc_ecma_ast        = { version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_codegen    = { version = "0.127.20", path = "../swc_ecma_codegen", optional = true }
 swc_ecma_dep_graph  = { version = "0.94.16", path = "../swc_ecma_dep_graph", optional = true }
-swc_ecma_minifier   = { version = "0.159.38", path = "../swc_ecma_minifier", optional = true }
+swc_ecma_minifier   = { version = "0.159.39", path = "../swc_ecma_minifier", optional = true }
 swc_ecma_parser     = { version = "0.122.16", path = "../swc_ecma_parser", optional = true, default-features = false }
 swc_ecma_preset_env = { version = "0.174.21", path = "../swc_ecma_preset_env", optional = true }
 swc_ecma_quote      = { version = "0.38.19", path = "../swc_ecma_quote", optional = true }
diff --git a/crates/swc_estree_compat/Cargo.toml b/crates/swc_estree_compat/Cargo.toml
index be32a48b0338..02e18f0e26d8 100644
--- a/crates/swc_estree_compat/Cargo.toml
+++ b/crates/swc_estree_compat/Cargo.toml
@@ -7,7 +7,7 @@ include       = ["Cargo.toml", "src/**/*.rs"]
 license       = "Apache-2.0"
 name          = "swc_estree_compat"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.154.43"
+version       = "0.154.44"
 
   [package.metadata.docs.rs]
   all-features = true
@@ -38,7 +38,7 @@ swc_node_comments = { version = "0.16.10", path = "../swc_node_comments/" }
 [dev-dependencies]
 criterion           = "0.3"
 pretty_assertions   = "1.1"
-swc                 = { version = "0.232.43", path = "../swc" }
+swc                 = { version = "0.232.44", path = "../swc" }
 swc_ecma_ast        = { version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_parser     = { version = "0.122.16", path = "../swc_ecma_parser" }
 swc_ecma_transforms = { version = "0.198.21", path = "../swc_ecma_transforms/" }
diff --git a/crates/swc_html/Cargo.toml b/crates/swc_html/Cargo.toml
index f418888e22e0..598b49d32ac5 100644
--- a/crates/swc_html/Cargo.toml
+++ b/crates/swc_html/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2021"
 license = "Apache-2.0"
 name = "swc_html"
 repository = "https://github.com/swc-project/swc.git"
-version = "0.92.2"
+version = "0.92.3"
 
 [package.metadata.docs.rs]
 all-features = true
@@ -21,6 +21,6 @@ minifier = ["swc_html_minifier"]
 [dependencies]
 swc_html_ast = {version = "0.28.1", path = "../swc_html_ast"}
 swc_html_codegen = {version = "0.37.2", path = "../swc_html_codegen"}
-swc_html_minifier = {version = "0.89.2", path = "../swc_html_minifier", optional = true}
+swc_html_minifier = {version = "0.89.3", path = "../swc_html_minifier", optional = true}
 swc_html_parser = {version = "0.34.2", path = "../swc_html_parser"}
 swc_html_visit = {version = "0.28.1", path = "../swc_html_visit"}
diff --git a/crates/swc_html_minifier/Cargo.toml b/crates/swc_html_minifier/Cargo.toml
index a80acfd9ee5e..fe52a8735135 100644
--- a/crates/swc_html_minifier/Cargo.toml
+++ b/crates/swc_html_minifier/Cargo.toml
@@ -10,7 +10,7 @@ include = ["Cargo.toml", "src/**/*.rs", "data/**/*.json"]
 license = "Apache-2.0"
 name = "swc_html_minifier"
 repository = "https://github.com/swc-project/swc.git"
-version = "0.89.2"
+version = "0.89.3"
 
 [lib]
 bench = false
@@ -28,7 +28,7 @@ swc_css_minifier         = { version = "0.99.1", path = "../swc_css_minifier" }
 swc_css_parser           = { version = "0.133.1", path = "../swc_css_parser" }
 swc_ecma_ast             = { version = "0.94.13", path = "../swc_ecma_ast" }
 swc_ecma_codegen         = { version = "0.127.20", path = "../swc_ecma_codegen" }
-swc_ecma_minifier        = { version = "0.159.38", path = "../swc_ecma_minifier" }
+swc_ecma_minifier        = { version = "0.159.39", path = "../swc_ecma_minifier" }
 swc_ecma_parser          = { version = "0.122.16", path = "../swc_ecma_parser" }
 swc_ecma_transforms_base = { version = "0.111.29", path = "../swc_ecma_transforms_base" }
 swc_ecma_visit           = { version = "0.80.13", path = "../swc_ecma_visit" }
diff --git a/crates/swc_node_bundler/Cargo.toml b/crates/swc_node_bundler/Cargo.toml
index 8f8073dce1b6..3fe156e71dbe 100644
--- a/crates/swc_node_bundler/Cargo.toml
+++ b/crates/swc_node_bundler/Cargo.toml
@@ -7,7 +7,7 @@ edition       = "2021"
 license       = "Apache-2.0"
 name          = "swc_node_bundler"
 repository    = "https://github.com/swc-project/swc.git"
-version       = "0.18.43"
+version       = "0.18.44"
 
 [lib]
 bench = false
@@ -26,9 +26,9 @@ regex = "1"
 serde = { version = "1", features = ["derive"] }
 serde_json = "1"
 string_enum = { version = "0.3.2", path = "../string_enum" }
-swc = { version = "0.232.43", path = "../swc" }
+swc = { version = "0.232.44", path = "../swc" }
 swc_atoms = { version = "0.4.23", path = "../swc_atoms" }
-swc_bundler = { version = "0.192.38", path = "../swc_bundler", features = [
+swc_bundler = { version = "0.192.39", path = "../swc_bundler", features = [
   "concurrent",
 ] }
 swc_common = { version = "0.29.10", path = "../swc_common", features = [